A salary of $3000 is adjusted for inflation of 6%. What will be the new salary?

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Question: A salary of $3000 is adjusted for inflation of 6%. What will be the new salary?

Options:

Correct Answer: $3180

Solution:

New salary = 3000 + (6/100 * 3000) = 3000 + 180 = $3180

A salary of $3000 is adjusted for inflation of 6%. What will be the new salary?

A salary of $3000 is adjusted for inflation of 6%. What will be the new salary?

Step 1: Identify the original salary, which is $3000.
Step 2: Determine the inflation rate, which is 6%.
Step 3: Convert the percentage of inflation into a decimal by dividing by 100. So, 6% becomes 0.06.
Step 4: Calculate the amount of the salary increase due to inflation by multiplying the original salary by the decimal inflation rate: 3000 * 0.06.
Step 5: Perform the multiplication: 3000 * 0.06 = 180.
Step 6: Add the increase to the original salary to find the new salary: 3000 + 180.
Step 7: Perform the addition: 3000 + 180 = 3180.
Step 8: The new salary after adjusting for inflation is $3180.

Inflation Adjustment – Understanding how to adjust a salary based on a percentage increase due to inflation.
Percentage Calculation – Calculating a percentage of a given amount and adding it to the original amount.