Question

After Harvey Islip's performance review, he received a merit increase of 3.65% and a COLA of 3.35%. He now earns $24.00 an hour. What was his hourly wage, to the nearest cent, before the merit and COLA increases? Express your answer in dollars and cents.

Answer 1

To solve his hourly wage, to the nearest cent, before the merit and COLA increases Let x be his previous hourly rate 24 = x + 0.0365x + 0.0335x 24 = 1.07x X = 24 / 1.07 X = $ 22.43 is his hourly rate before the merit and COLA increase