Question

If staff salaries were $32,000/month last year and $47,000/month this year, what is the percentage labor cost increase?

Answer 1

Percentage increase = Actual increase / original salary * 100 =
(47,000 - 32,000) / 32,000 x 100 = ? %

Answer 2

47%?

Answer 3

yeah, 46.9%

Answer 4

But what if it was $1,500,000 last year and $1,300,000 this year?
Would it be:
(1,3000,000-1,500,000) /1,3000,000 x 100 = ?

Answer 5

1,300,000*