Your annual salary at the beginning of the year was $53,000. During the year you received...
Your annual salary at the beginning of the year was $53,000. During the year you received raises totaling $1,500. During the same year, the rate of inflation was 2.9%. Taking into account your raise and the rate of inflation, how much did your purchasing power change during the year?
Enter your answer as a percentage rounded to two decimal places (e.g., enter -1.34%, NOT -0.0134).
Homework Answers
Answer:
Initial Salary S=$53000
Salary hike H=$1500
So Rise in Salary in % R=1500/53000=2.83%
Inflation rate I=2.9%
So change in purchasing power=R-I=2.83%-2.9%=-0.07%
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