Question

The beginning mean wage in a certain industry is $35,240.00. If the mean wage grows by 5.125%, what is the new mean wage?

Answer 1

$37,046.05

Explanation:

New mean wage :

• Original mean wage (1 + % increase)
• $35,240.00 (1 + 5.125%)
• $35,240.00 (1.05125)
• $37,046.05

Answer 2

$37046.05

Explanation:

new mean wage = beginning mean wage x (105.125%)

= 35240 x 105.125%

= 37046.05