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Answer: Either of the following methods:
1. ((New pay rate / old pay rate) - 1) * 100
2. ((New pay rate - old pay rate) / old pay rate ) * 100
Proof:
If old pay rate = 15 $/hr and new pay rate = 18 $/hr, then:
1. ((18 / 15) - 1) * 100 = 20%
2. ((18 - 15) / 15) * 100 = 20%
Check:
old pay rate * (decimal version of 20%=0.20) + old pay rate = new pay rate
15 * 0.20 + 15 = 18
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