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Maru [420]
1 year ago
9

As a graduating senior, Chun Kumora of Manhattan, Kansas, is eager to enter the job market at an anticipated annual salary of $4

1,000. Assuming an average inflation rate of 2 percent and an equal cost-of-living raise, what will his salary possibly become in 11 years?
What will his salary be in 21 years? Round your answer to the nearest dollar. Round Future Value of a Single Amount in intermediate calculations to four decimal places
make real economic progress, how much of a raise (in dollars) does Chun need to receive next year and the year after?

Chun must receive raise greater than $ for the next year and greater than $
for the year after.
Mathematics
1 answer:
ludmilkaskok [199]1 year ago
8 0

1. Chun Kumora's salary after 11 years will be <u>$63,117.6200</u>.

2. Chun Kumora's salary after 21 years will be <u>$93,429.4900</u>.

3. Chun must receive raise greater than <u>$42,640</u> ($41,000 x 1.04) for the next year and greater than <u>$44,345.6000</u> ($42,640 x 1.04) for the year after.

<h3>How are the future salaries determined?</h3>

The future salaries (values) can be determined using an online finance calculator that compounds with the sum of the average inflation rate of 2% and the cost-of-living raise of 2% for 11 and 21 years, respectively.

<h3>Data and Calculations:</h3>

Future Value in 11 years:

N (# of periods) = 11 years

I/Y (Interest per year) = 4% (2% x 2)

PV (Present Value) = $41,000

PMT (Periodic Payment) = $0

<u>Results</u>:

FV = $63,117.62 ($41,000 + $22,117.62)

Total Interest = $22,117.62

<h3>Future Value in 21 years:</h3>

N (# of periods) = 21 years

I/Y (Interest per year) = 4% (2% x 2)

PV (Present Value) = $41,000

PMT (Periodic Payment) = $0

<u>Results</u>:

FV = $93,429.49 ($41,000 + $52,429.49)

Total Interest = $52,429.49

Learn more about future values at brainly.com/question/24703884

#SPJ1

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(PART-A): s-intercept in this case represents the y-intercept of the graph, whereas the t-intercept in this case represents the x-intercept of the graph.

Always remember that y-intercept represents the value of y where the curve (or line) crosses the y-axis, and x-intercept represents the value of x where the curve (or line) crosses the x-axis.

In the graph attached with the question, at point (0,6) the curve crosses the y-axis. Therefore, the <em>y-intercept (s-intercept) in this case is 6</em>. It means that in year 2000 (t=0), 6 hundred shirts were sold.

However, there is no point on the graph where the curve crosses the x-axis, meaning there is <em>no x-intercept (t-intercept)</em>. It means that there is <em>not</em> a single year when the number of shirts sold is 0.


(PART B): As you can see in the graph (attached with the question) that the <em>f(t)</em> is increasing (exponentially) with the increase in <em>t. </em>Therefore, we can safely say that as t increases without bound, the f(t) increases (also). In this context, it means that the sale of shirts increases as the years go by. Hence, the correct blank is "increases."


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(PART D): This part is bit tricky. Therefore, read the explanation carefully!

You can see in the graph that number of Shirts sold is in <em>hundreds. </em>It means that 1 unit (of y-axis in a graph) represents 100 shirts. Therefore, as in the question it is mentioned that there are 1000 T-shirts sold, it will become 10 units (since 10*100 = 1000). So, the function g(t) will become the following:

g(t) = f(t) + 10 --- (Y)

Why did I add f(t)? Because in the question, the word "<em>and</em>" is underlined. It means that g(t) represents not only 1000 T-shirts (10*100 = 1000) sold at the basketball games each year, but it also has the number of T-shirts sold ONLINE, which is f(t).

Now insert f(t) in (Y) and solve:

g(t) = f(t) + 10\\g(t) = (1.5)^t + 5+ 10\\g(t) = (1.5)^t + 15

Hence, g(t) is (1.5)^t + 15

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