Pay Raise

Salary is a set amount of money you get paid for a set period of time.i.e. $500 per week, $50000 per year.

People paid by salary usually get raises in pay based on a percent. They might get an increase of 1% or 100% or anything in between

Example

Joan makes $1000 per month. She is to receive a 8% increase in pay. What is her new salary?

Solution8% = .081000 * .08 = 80so her new salary is 1000+80 = $1080 per month

raise in dollars

Example 2Steve is paid $45000 per year. He did an awesome job this year and is receiving a 15% raise next year. What will his salary be next year?

Solution15% = .1545000 * .15 = 675045000 + 6750 = $51750 new salary

Do some yourselfAssignment 7 Questions 1-7