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Jacob makes
$80,000 a year. His boss wants to give him a
7% raise for the following year. What will Jacob's new salary be next year after his raise?

Jacob makes $\$80,000$ a year. His boss wants to give him a $7\%$ raise for the following year. What will Jacob's new salary be next year after his raise?

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Finance problems

Full solution

Q. Jacob makes

\$80,000

a year. His boss wants to give him a

7\%

raise for the following year. What will Jacob's new salary be next year after his raise?

Calculate Raise Amount: Step $1$ : Calculate the amount of the raise by applying the $7\%$ increase to the current salary. $\newline$ Current salary = $\$80,000$ $\newline$ Raise percentage = $7\%$ $\newline$ Raise amount calculation: $(80,000 \times 7)/100 = 5,600$
Find New Salary: Step $2$ : Add the raise amount to the current salary to find the new salary. $\newline$ Current salary = $\$80,000$ $\newline$ Raise amount = $\$5,600$ $\newline$ New salary calculation: $80,000 + 5,600 = 85,600$

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