Solve A = P + PrT for A, given that P = $950,r = 3 1/2%, and t = 10 years.
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After 4 interval of six months, Joe to earn same hourly rate as Blaine
<em><u>Solution:</u></em>
Given that,
Amount earned by Joe = $ 14 per hour
Amount earned by Blaine = $ 18 per hour
Lets assume the number of six month intervals be "x"
<em><u>Joe receives a raise of $1.75 every six months</u></em>
Therefore,
Joe earning: 14 + 1.75(number of six month intervals)
Equation for Joe earning: 14 + 1.75x ------- eqn 1
<em><u>Blaine receives a raise of $0.75 every six months</u></em>
Therefore,
Blaine earning: 18 + 0.75(number of six month intervals)
Equation for Blaine earning: 18 + 0.75x ------------ eqn 2
The number of six-month intervals it will take Joe to earn the same hourly rate as Blaine,
Eqn 1 must be equal to eqn 2
Thus after 4 interval of six months, Joe to earn same hourly rate as Blaine.