Answer:
He will make $53,330
Step-by-step explanation:
In this question, we are tasked with calculating how much Mr Santiago will make in three years.
To calculate the future value of his earnings, we can use the formula for the future value of the salary
Mathematically, the FV = I(1 + r)^t
Where I is the initial amount of $51,000
r is the interest rate which is 1.5% = 1.5/100 = 0.015
t is the time in years which is 3 years
We plug these values into the equation above;
FV = 51,000(1+0.015)^3
FV = 51000(1.015)^3
FV = 53,329.59 which is $53,330 to the nearest whole dollars
