Compare a pay increase to the inflation rate. Assume that the inflation rate for the past year was 4 percent. You are worried that your pay is not keeping pace with your cost of living. Your average net pay this year is $2,225 per month. It was $2,176 last year. Based on this information, your average net pay per month increased ______________ %. (Round your answer to one decimal place.)

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rejkjavik rejkjavik · Answer 1 · 2019-10-29T10:30:33+01:00

Answer:

percentage increase in salary = 2.3%

Step-by-step explanation:

given data:

This year monthly pay $2225

last year monthly pay $2176

change in monthly salary is = this year salary - last year salary

= 2225 - 2176 = 49

average average net pay increase in month is given as

percentage increase [tex]= \frac{change\ in\ monthly\ salary}{last\ year\ salary} \100[/tex]

percentage increase in salary [tex]= \frac{49}{2176} \times 100[/tex]

percentage increase in salary = 2.3%

adioabiola adioabiola · Answer 2 · 2021-10-29T11:48:59+02:00

The increase in the average net pay per month in percentage is 2.3% which is less than the inflation rates

Given:

Inflation rate for past year = 4%

Average net pay this year = $2,225 per month

Average net pay last year = $2,176 per month

change in pay = $2,225 - $2,176

= 49

Percentage increase in net pay = change in pay / Average net pay last year × 100

= 49 / 2176 × 100

= 0.0225183823529 × 100

= 2.2518382352941%

Approximately, 2.3%

Therefore, the increase in the average net pay per month in percentage is 2.3% which is less than the inflation rates