If a local government increases its budget by 15% and the original budget was $8

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Question: If a local government increases its budget by 15% and the original budget was $800,000, what is the new budget?

Options:

Correct Answer: $880,000

Solution:

New budget = $800,000 + (15/100 * $800,000) = $800,000 + $120,000 = $920,000

If a local government increases its budget by 15% and the original budget was $800,000, what is the new budget?

If a local government increases its budget by 15% and the original budget was $800,000, what is the new budget?

Step 1: Identify the original budget, which is $800,000.
Step 2: Determine the percentage increase, which is 15%.
Step 3: Convert the percentage to a decimal by dividing by 100. So, 15% becomes 0.15.
Step 4: Calculate the amount of the increase by multiplying the original budget by the decimal. This is $800,000 * 0.15.
Step 5: Perform the multiplication: $800,000 * 0.15 = $120,000.
Step 6: Add the increase to the original budget. This is $800,000 + $120,000.
Step 7: Perform the addition: $800,000 + $120,000 = $920,000.
Step 8: The new budget is $920,000.

Percentage Increase – Understanding how to calculate a percentage increase on a given amount.
Basic Arithmetic – Performing addition and multiplication to find the new budget.