/commence well-actually mode

If that's how you do math, the sky's the limit.

206% means x3.06, so (s)he was previously making 1/3.06 of the new rate, which is roughly 32.7% of the new rate. Assuming the new rate was "at market", the old rate was 67.3% below market.

Math like that is why I make the big bucks. (I do not currently make the big bucks.)

Yes, but it's more like getting a ticking time bomb. Eventually, they will find out the market rate.

One may or may not find out. One may or may not have the balls to leave after finding out.

So many variables at play :D