Question

many us employees received a 5% raise in 2022. Suppose an employee made $54,000 in 2021 and received a 5% raise. What did he make in 2022? Show two different ways to answer the question.

Answer 1

--------------There are 2 methods--------------

Method 1:

To calculate the 5% raise for the employee, we can multiply their 2021 salary by 0.05 and add the result to their 2021 salary:

5% of $54,000 = 0.05 x $54,000 = $2,700

So, the employee received a raise of $2,700.

To find their salary in 2022, we can add their raise to their 2021 salary:

Salary in 2022 = $54,000 + $2,700 = $56,700

Therefore, the employee made $56,700 in 2022.

Method 2:

We can also calculate the employee's salary in 2022 using the following formula:

Salary in 2022 = Salary in 2021 x (1 + % raise as a decimal)

Using this formula, we can plug in the values given in the problem:

Salary in 2022 = $54,000 x (1 + 0.05) = $54,000 x 1.05 = $56,700

Again, we get the same answer of $56,700 for the employee's salary in 2022.