Question

After college you start a job earning $40000 a year. You get a 6% raise each year. a) How much will you earn in year 2?

Answer 1

The answer to Part a is $44,800. I did this by 40000*2*3/50 which comes out to 4,800 you add that to your beginning worth, 40,000. Part b is as follows; 9,600 which comes out to be $49,600. Replace the 2 in the original equation to be 40,000*4*3/50. The number '2' and '4' represent the years, and the 3/50 is equal to 6%. 6% in math terms is 3/50. The answer to part c is as follows; 40000*10*3/50 which comes out to be 24,000 so your final answer for part c is: $64,000 I hope this helped! Let me know if you need more work shown, and I'll add more! :)