QQuestionBusiness Management
QuestionBusiness Management
Dee Wallace's salary was $58,900 in 2003 and increased to $64,900 in 2008. What was the annual rate of change in his salary?
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Answer
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Step 1:: Determine the change in salary over the given time period.
\Delta \text{salary} = \$64,900 - \$58,900 = \$6,000
The change in salary is the difference between the final salary and the initial salary:
Step 2:: Calculate the number of years between 2003 and 2008.
\Delta t = 2008 - 2003 = 5 \text{ years}
Step 3:: Compute the annual rate of change in salary.
\text{annual rate of change} = \frac{\$6,000}{5 \text{ years}} = \$1,200 \text{ per year}
The annual rate of change is given by the formula: Substituting the values from Steps 1 and 2:
Final Answer
The annual rate of change in Dee Wallace's salary from 2003 to 2008 was $1,200.
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