Last year, Ranjan’s monthly salary was 34,500, and this year his monthly salary is 38,640. What is the percentage increase in Ranjan’s monthly salary this year over last year?

Explanation

To calculate the percentage increase in Ranjan's monthly salary, we can use the following formula: Percentage Increase=(New Salary−Old SalaryOld Salary)×100\text{Percentage Increase} = \left( \frac{\text{New Salary} - \text{Old Salary}}{\text{Old Salary}} \right) \times 100Percentage Increase=(Old SalaryNew Salary−Old Salary​)×100 Here: Old Salary = 34,500 New Salary = 38,640 Plugging in the values: Percentage Increase=(38,640−34,50034,500)×100\text{Percentage Increase} = \left( \frac{38,640 - 34,500}{34,500} \right) \times 100Percentage Increase= (34,50038,640−34,500​)×100 =(4,14034,500)×100= \left( \frac{4,140}{34,500} \right) \times 100=(34,5004,140​)×100 =0.12×100= 0.12 \times 100=0.12×100 =12%= 12\%=12% Answer: Ranjan's monthly salary has increased by 12% this year over last year.