If you earn $3500 per month and you expect your earnings to increase by 2.3% per year, how much do you think you will be making

in 10 years? (Express your answer rounded correctly to the nearest cent!)

Mathematics

1 answer:

Y_Kistochka [10]4 years ago

8 0

$\bf \qquad \textit{Amount for Exponential Growth}\\\\
A=I(1 + r)^t\qquad 
\begin{cases}
A=\textit{accumulated amount}\\
I=\textit{initial amount}\to &3500\\
r=rate\to 2.3\%\to \frac{2.3}{100}\to &0.023\\
t=\textit{elapsed time}\to &10\\
\end{cases}
\\\\\\
A=3500(1+0.023)^{10}$

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