Answer to Question #204377 in Math for Arvin Shopon

Question #204377

In a moderate wage settlement, it was agreed that the wages of workers in the sector would be increased by 2.8% over the next four years. What percentage of wages increase on average per year?


1
Expert's answer
2021-06-08T14:49:26-0400

Let p=p= average annual percent of wagws increase

Then


(1+p100)4=(1+2.8100)(1+\dfrac{p}{100})^4=(1+\dfrac{2.8}{100})

p=100(1.02841)p=100(\sqrt[4]{1.028}-1)

p0.6928%p\approx0.6928\%

Wages increase on average per year is 0.6928 %0.6928\ \% per year.



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