Type of calculation: Calculating the value after a percentage increase.
Calculator usage: Step 1: Calculate the premium increase amount. Use the
Basic Percentage CALCULATOR ("What is X% of Y?"). Enter the percentage increase as X (
5) and last year's premium as Y (
800). The calculator will calculate
5% of $
800.
Step 2: Add the increase amount calculated in Step 1 to last year's premium.
Explanation using a formula:
We are looking for the new premium amount after a
5% increase from $
800.
Amount of increase =
5% of $
800
Amount of increase = (
5 / 100) × $
800 =
0.05 × $
800 = $
40
New premium = Premium last year + Amount of increase
New premium = $
800 + $
40 = $
840