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Question
At the beginning of a given year, the Shipping Department has four people, each paid $1,000 a month In that year, each of these employees receives a monthly pay raise of $100. These raises are given March 1, June 1, August 1, and November 1, respectively. The raises increased the payroll cost for the year by
(a) 5%
(b) 7%
(c) 9%
(d) 10%
Answer
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