To determine how much the wages are this year, given that they have decreased by 3.4% from last year's wage of [tex]$21.72 per hour, follow these steps:
1. Identify the initial wage last year:
The initial wage last year is $[/tex]21.72 per hour.
2. Determine the percentage decrease in wages:
The wages have decreased by 3.4%.
3. Convert the percentage decrease to a decimal:
To convert the percentage to a decimal, divide by 100.
[tex]\[
\text{decrease\_decimal} = \frac{3.4}{100} = 0.034
\][/tex]
4. Calculate the decreased amount:
Multiply the last year’s wage by the decimal form of the percentage decrease to find the amount by which the wage has decreased.
[tex]\[
\text{decrease\_amount} = 21.72 \times 0.034 = 0.73848
\][/tex]
5. Calculate the wage for this year:
Subtract the decrease amount from last year's wage to find the wage for this year.
[tex]\[
\text{wage\_this\_year} = 21.72 - 0.73848 = 20.98152
\][/tex]
6. Round the wage to the nearest cent:
The final step is to round the wage for this year to the nearest cent (two decimal places).
[tex]\[
\text{wage\_this\_year\_rounded} = 20.98
\][/tex]
Therefore, this year's wage, rounded to the nearest cent, is $20.98 per hour.
