It said PER YEAR
so divide by the number of years.
This is my answer
40,000-19,500=20,500/100=205%
is this correct?
so divide by the number of years.
Your 205 % is really 105 percent increase.
If you double something, that is 100% increase, not 200%.
The percentage increase is the
increase/original
= 2050019500
= 1.05
= 105% for the 40 years.
So the annual rate of salary increase
= 105% / 40 = 2.63%
you divided 20500 by 100
First, let's find the percentage increase from $19,500 to $40,000:
Increase = $40,000 - $19,500 = $20,500
Percentage Increase = (Increase / Initial Amount) * 100
= ($20,500 / $19,500) * 100 ≈ 105.13%
Now, to find the average rate of increase per year, we need to divide the percentage increase by the number of years:
Number of Years = 2000 - 1960 = 40 years
Average Rate of Increase per Year = Percentage Increase / Number of Years
= 105.13% / 40
≈ 2.63%
So, the average rate of increase per year is approximately 2.63%.