If your starting salary is $50,000 and you receive a 4%increase at the end of every year, what is the total amount, indollars, y
ou will earn over the first 16 years that you work?Round your answer to the nearest whole dollar, and expressyour answer without using commas.
1 answer:
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Answer:
The exact interest on $5,870 at 12% is $410.9
Step-by-step explanation:
From the information provided we know that
Principal amount: $5,870
Interest rate: 12% -> 0.12
Time: 7 months (From June to December)
When you know the principal amount, the rate, and the time, the amount of interest can be calculated by using the formula:
where P is principal, r is the rate of interest and t is the time in years.
We need to convert the 7 months into 1 year.
Now we can use the above formula
Therefore the exact interest on $5,870 at 12% is $410.9