Question

You earn $21.00 per hour at your job. If you get a 9% raise at the end of each year, what will your hourly rate, h, be after 5 years? Use the equation 2003-20-05-00-00_files/i0190000.jpg, where C is the beginning hourly rate, r is the growth rate, and t is time in years

Answer 1

C - the beginning hourly rate: C = $21.00
r - the growth rate:  r = 1.09
t - time in years:   t = 5
$C r ^{t}= 21.00 * 1.09^{5}$  ≈ $32.31
Answer: hourly rate after 5 years will be  $32.31.