yalonso116p67rut yalonso116p67rut
  • 18-04-2022
  • Mathematics
contestada

Suppose that you have been hired at an annual salary of $16,000 and expect to receive annual increase of 3%. What will your salary be when you begin your sixth year?

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jdoe0001 jdoe0001
  • 18-04-2022

well, at the beginning of the 6th year, you've been there for 5 whole years, so you've gotten 5 increases hmmm

[tex]\qquad \textit{Amount for Exponential Growth} \\\\ A=P(1 + r)^t\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{initial amount}\dotfill &16000\\ r=rate\to 3\%\to \frac{3}{100}\dotfill &0.03\\ t=years\dotfill &5\\ \end{cases} \\\\\\ A=16000(1 + 0.03)^{5}\implies A=16000(1.03)^5\implies A\approx 18548.39[/tex]

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