Final answer:
The percent of change is calculated by taking the change in quantity, dividing it by the original quantity, and then multiplying by 100. For wages, if you have a $2 raise from $10 per hour, the percent of change is 20%. For income, if it changes from $25,000 to $38,000, the percent change is approximately 41.27%.
Step-by-step explanation:
To calculate the percent of change, you need to determine the difference in value (also called change in quantity) from the original value to the new value, then divide this change by the original value. Multiply the result by 100 to convert it to a percentage. The equation to use is Percentage change = (Change in quantity / Original quantity) × 100.
Let's take an example. Suppose you receive a pay raise at your job. If your original hourly wage was $10, and you received a $2 raise, the percentage change in your pay would be calculated as follows:
- Identify the change in quantity: $2 raise.
- Divide this by the original quantity: $2 / $10.
- Multiply the result by 100 to find the percent change: 0.20 × 100 = 20%.
Your pay has increased by 20%.
Additionally, if you want to calculate the percentage change in income where you are given two different income figures, you would subtract the original income from the new income, divide the result by the average of the original and new incomes, and multiply by 100. For instance, if your income increased from $25,000 to $38,000, you would do the following:
- Calculate the change in income: $38,000 - $25,000 = $13,000.
- Find the average of the original and new incomes: ($38,000 + $25,000) / 2 = $31,500.
- Divide the change by the average income and multiply by 100: ($13,000 / $31,500) × 100 = approximately 41.27%.