Question

A monthly salary is $1622.31. It is given an increase of 3.8%. After the first increase, it receives a second increase of 6.2%. What is the new monthly salary after both increases? Round your answer to two decimal places. Do not put the $ sign in your answer or any units. Only put the number value for your answer.

Answer 1

the new monthly salary after both increase is 1,788.37

Explanation:

The monthly salary is 1,622.31

There is an increase of 3.8%

So, the salary after first increase is

= 1,622.31 × (1 + 3.8%)

= 1,683.96

Now there is a second increase of 6.2%, so the salary after second increase is

= 1,683.96 × (1 + 6.2%)

= 1,788.37

Hence, the new monthly salary after both increase is 1,788.37