Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Joshua Vermier of Sacramento, California, received a raise after his first year on the job to $45,400 from his initial salary of $42,200. What was Joshua’s raise stated as a percentage? Inflation averaged 3 percent for the year. Round your answer to one decimal place.
%
What was his real income after the raise? Round your answer to nearest dollar.
$
What was his real raise stated as a percentage? Round your answer to one decimal place.
%
Expert Solution
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Step 1
Given information:
Initial salary is $42,200
Salary rise after first year to $45,400
Inflation average is 3%
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