In the year 2000, the minimum wage was £3.70 per hour.In 2010 it was £5.92 per hour.Work out the percentage increase.

1. Break Down the Problem

To find the percentage increase from the minimum wage in 2000 to 2010, we need to:

1. Identify the initial value (2000 wage).
2. Identify the final value (2010 wage).
3. Calculate the increase in wage.
4. Compute the percentage increase using the formula.

2. Relevant Concepts

The formula for percentage increase is given by: $\text{Percentage Increase} = \left( \frac{\text{Final Value} - \text{Initial Value}}{\text{Initial Value}} \right) \times 100$

3. Analysis and Detail

1. Initial Value (2000 wage): £3.70
2. Final Value (2010 wage): £5.92
3. Calculate the increase in wage: $\text{Increase} = £5.92 - £3.70 = £2.22$
4. Calculate the percentage increase: $\text{Percentage Increase} = \left( \frac{£2.22}{£3.70} \right) \times 100$

4. Verify and Summarize

1. Calculate: $\frac{£2.22}{£3.70} \approx 0.6000$
2. Now, multiply by 100: $0.6000 \times 100 = 60.00\%$

Final Answer

The percentage increase in minimum wage from 2000 to 2010 is 60.00%.