Multiple Choice
Which type of accounting would most appropriately analyze whether student loans are considered 'good debt' based on their impact on an individual's future financial position?
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1. Introduction to Accounting
Types of Accounting
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Jeb earns $8 per hour. He receives a raise of 3.5%. How much is the amount of his raise per hour?
A
$0.35
B
$0.80
C
$2.80
D
$0.28
Verified step by step guidance1
Step 1: Identify Jeb's current hourly wage, which is $8 per hour.
Step 2: Determine the percentage of the raise, which is 3.5%. Convert this percentage into a decimal by dividing by 100. This gives 0.035.
Step 3: Multiply Jeb's hourly wage by the decimal form of the raise percentage to calculate the raise amount per hour. Use the formula:
Step 4: Perform the multiplication: . This will give the raise amount per hour.
Step 5: Interpret the result of the multiplication to find the amount of Jeb's raise per hour.
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