Abraham just accepted a new job at consulting firm that pays $47,500 during the first year, with an annual increase of 7% per ye

Question

3 years ago

15

Abraham just accepted a new job at consulting firm that pays $47,500 during the first year, with an annual increase of 7% per ye

ar beginning in the second year. What can Abraham expect to earn in his fifth anniversary with the consulting firm? Round your answer to the nearest dollar

Mathematics

2 answers:

gladu [14] · Answer 1 · 2022-08-06T07:43:31+03:00

gladu [14]3 years ago

5 0

Answer:

64,125 I think

Step-by-step explanation:

7%x 5 years =35%

35% of 47, 500 is 16625

16625 + 47,500=64,125

Whitepunk [10] · Answer 2 · 2022-08-06T09:53:04+03:00

Answer:

about $66,621

Step-by-step explanation:

Since its an increase in salary, we want 0.07+1 = 1.07 (if he was losing his salary, it instead would be 0.07-1, but that's not the case here)

Then we plug it in as 47,500(1.07)^x

he's expecting what would he get in his fifth year at the firm. So let's set x = 5.

47,500(1.07)^5 = $66,621.20721 or ≈ $66,621 to the nearest dollar.

Note: This is how I'm doing it in <u>High School.</u> So if this is incorrect, I'm sorry.