1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zimovet [89]
3 years ago
5

If your starting salary were $40,000 and you received a 3% increase at the end of every year for 15 years, what will be the amou

nt, in dollars, you will earn during your 16th year working there?
Mathematics
1 answer:
Valentin [98]3 years ago
7 0

Answer:

<u>The salary during the 16th year will be US$ 62,318.70</u>

Step-by-step explanation:

Starting salary = US$ 40,000

Duration of the job contract = 15 years

Salary increase rate = 3% compounded annually

2. Let's find the future value of this starting salary after 15 years, using the following formula:

FV = PV * (1 + r) ⁿ

PV = Starting salary = US$ 40,000

number of periods (n) = 15 (15 years compounded annually)

Salary increase rate (r) = 3% = 0.03

Replacing with the real values, we have:

FV = 40,000 * (1 + 0.03) ¹⁵

FV = 40,000 * (1.03) ¹⁵

FV = 40,000 * 1.558

FV = US$ 62,318.70

<u>The salary during the 16th year will be US$ 62,318.70</u>

You might be interested in
1/3(x+9)=8 Please help
koban [17]

Answer:

I got x=15, Hope this helps!

Step-by-step explanation:

5 0
2 years ago
Read 2 more answers
What are the steps for solving the attached problem?
Keith_Richards [23]

Answer:

Parentheses, Exponents, Multiplication and Division (from left to right), Addition and Subtraction

Step-by-step explanation:

3 0
1 year ago
Read 2 more answers
Four brothers each bought two hotdogs and a bag of chips at the concession stand.if the bag of chips was $1.25,and the total was
ahrayia [7]

Answer:

  $1.65

Step-by-step explanation:

The total purchase can be described by ...

  4(2h +1.25) = 18.20 . . . . where h is the price of a hot dog

  8h = 13.20 . . . . . . . . . . . subtract 5.00

  h = 1.65 . . . . . divide by 8

The price of a hot dog was $1.65.

5 0
3 years ago
Help! plz plz plz plz plz plz plz
Helga [31]

Answer:

how to help. what is the question.

8 0
2 years ago
How do I write the sum of two numbers as the product of their GCF and another sum
Delicious77 [7]
Let's assume we were given 2 numbers: 15 and 30. Their sum is:
15+30 = 45
We want to express it as the product of GCF and another sum.
15 is divisible by: 1, 3, 5, 15
30 is divisible by: 1, 2, 3, 5, 6, 10, 15, 30
The greatest number that appears in 2 series is 15.
\frac{15}{15} = 1
\frac{30}{15} = 2
In this case sum of two numbers can always be written as:
15+30 = (15\cdot 1) + (15\cdot 2) = 15\cdot (1+2) = 15\cdot 3 = 45

8 0
3 years ago
Read 2 more answers
Other questions:
  • Find the measures of two angles, one positive and one negative that are coterminal with pi/5
    13·1 answer
  • X - 4y= 4<br><br> x-intercept:__________<br> y-intercept:__________
    15·1 answer
  • Rearrange the formula d = m/v for v
    14·2 answers
  • The perimeter of a square equals 112 inches. how many inches would each side have to equal?
    10·1 answer
  • X + y = 12 and y = x - 1.<br> Find the value of 2x + 2y.
    9·2 answers
  • What is the area of this trapezoid?
    14·2 answers
  • What are the age limitations relating to working in your state?
    8·1 answer
  • How much is 12,986.64 Swiss francs in US dollars?
    15·1 answer
  • HURRY FAST PLSSSSSSSS
    8·2 answers
  • La suma de los ángulos internos de un heptágono es:<br> A. 720°<br> B. 900°<br> C. 360°<br> D. 1260°
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!