Question

on December 31st 2018 the New York state minimum wage increase from 10.40 per hour to 11.10 per hour find the percent increase .

Answer 1

The Solution:

The New York State minimum wage increase from 10.40 per hour to 11.10 per hour. This means the base wage is 10.40

To find the percent increase in the minimum wage , we shall use the formula below:

`\text{ Percent Increase}\frac{\text{ increase in wage}}{\text{base wage}}*100`

In this case,

`\begin{gathered} \text{ Increase in wage=11.10-10.40 = 0.70} \\ \text{base wage = 10.40} \end{gathered}`

Substituting these values in the above formula, we get

`\text{Percent increase=}(0.70)/(10.40)*100=6.7308\approx6.73\text{ \%}`

Therefore, the percent increase in minimum wage is 6.73%

Thus, the correct answer is 6.73%