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Josh received a raise after his first year on the job to $43,800 from his initial salary of $42,000. Inflation averaged 2.8% for that first year. In real terms (i.e., adjusted for inflation), what was his real raise stated as a percentage?

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Answer:

Real percentage raise in salary will be 4.285 %

Explanation:

Initial salary is given as $42000

And salary after raise = $43800

So ride in salary = $43800 - $42000 = $1800

Inflation rate = 2.8 %

We have to fond real raise in salary in percentage

So real raise in salary in percentage [tex]=\frac{raise\ in\ salary}{initial\ salary}\times 100=\frac{1800}{42000}\times 100=4.285[/tex] %

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