If Total Deductions on a Yearly Salary of $28 600

question 122

Essay

If total deductions on a yearly salary of $28 600 amounted to 16 2/3%, how much was deducted?

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Definitions:

Annual Interest Rate

The percentage rate at which interest is charged or paid on an amount over a year.

Inflation

Refers to the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Purchasing Power

The worth of currency measured by how many goods or services can be purchased with one unit of it.

Deflation

A decrease in the general price level of goods and services, often leading to an increase in the real value of money.