Answer:
The salary after 30 yeras will be $86,945.
Step-by-step explanation:
Since the salary is raised every year by 2%, it can be modeled as a compounded growth, so we can use the compounded interest formula, but in the place of the interest rate we will use the raise rate. We have:
M = C*(1.02)^t
Where M is the final salary, C is the initial salary and t is the time elapsed. In this case the initial salary is 48000 and we want to know how much will be the salary after 30 years, so t = 30. We have:
M = 48000*(1.02)^30 = 86945
The salary after 30 yeras will be $86,945.
