Question

8.33 Suppose Paul receives a 6% raise every year. After four such raises, what is the total percentage increase to the nearest whole percent?

Answer 1

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Answer 2

Given:

Suppose Paul receives a 6% raise every year.

To find:

After four such raises, the total percentage increase to the nearest whole percent.

The formula used to calculate percentage is: (value/total value)*100%.

Explanation:

Step 1 of 1

Assume his salary is originally 100 dollars.

Then, in the next year, he would have 106 dollars, and in the next, he would have 112.36 dollars.

The next year he would have 119.1016 dollars and in the final year, he would have 126.247.

As the total increase is,

((126.247 -100)/100) *100

= 26.247%

the answer is 26%.