Question

The beginning mean weekly wage in a certain industry is $789.35. If the mean weekly wage grows by 5.125%, what is the new mean annual wage? (1 point)O $829.80O $1,659.60O $41,046.20$43,149.82

Answer 1

To find the new mean annual wage, calculate the 5.125% increase in the mean weekly wage and then multiply it by 52 weeks.

Step-by-step explanation:

To find the new mean annual wage, we first need to calculate the increase in the mean weekly wage. The mean weekly wage grows by 5.125%, so we can find the increase by multiplying the mean weekly wage by 5.125%:

5.125% of $789.35 = $40.42

To find the new mean weekly wage, we add the increase to the original mean weekly wage:

$789.35 + $40.42 = $829.77

Finally, to find the new mean annual wage, we multiply the new mean weekly wage by the number of weeks in a year (52):

$829.77 × 52 = $43,149.82

Answer 2

Given:

The initial mean weekly wage is $ 789.35.

The growth rate is 5.125 %.

Aim:

We need to find a new annual wage.

Step-by-step explanation:

Consider the equation

`A=PT(1+R)`

Let A be the new annual wage.

Here R is the growth rate and P is the initial mean weekly wage and T is the number of weeks in a year.

The number of weeks in a year = 52 weeks.

Substitute P=789.35 , R =5.125 % =0.05125 and T =52 in the equation.

`A=789.35*52(1+0.05125)`

`A=43149.817`

`A=43149.82`

The new mean annual wage is $ 43,149.82.

Final answer:

The new mean annual wage is $ 43,149.82.