Math Problem Statement
Solution
To calculate Jamie's average salary increase per year, we can use the following steps:
-
Determine the total salary increase:
Jamie's salary in 2023 is $176,000, and his starting salary in 2007 was $56,000. The total increase is: -
Calculate the number of years:
From 2007 to 2023, the number of years is: -
Calculate the average increase per year:
To find the average increase per year, divide the total increase by the number of years:
Therefore, Jamie's average salary increase per year is $7,500.
Would you like further details on this or have any other questions?
Here are 5 related questions:
- What would Jamie's salary be in 2028 if the same trend continues?
- How much has Jamie's salary increased as a percentage from 2007 to 2023?
- If Jamie's salary increase was compounded annually, how would we calculate the average annual growth rate?
- How would Jamie’s salary change if the increase varied by different amounts each year?
- What would Jamie’s total earnings be from 2007 to 2023 if he received the same salary each year?
Tip: When dealing with salary growth or any financial growth over time, always check if the increase is linear or compounded, as it affects the final calculations.
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Math Problem Analysis
Mathematical Concepts
Arithmetic
Linear Growth
Formulas
Average increase per year = (Final Salary - Initial Salary) / Number of Years
Theorems
Linear growth theorem
Suitable Grade Level
Grades 6-8
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