Question

John's current salary is 40000 per year.His annual pay raise is always a percent of his salary.What would his salary be if he received four consecutive 4% pay increase?

Answer 1

Answer:

The salary after four consecutive increase = $ 46794.34

Step-by-step explanation:

According to question,

salary of MR. John = $ 40000 per year

percentage py increase = 4%

Let the salary after four consecutive pay increase = x

So, X = 40000 (1 +$\frac{4}{100}$)^4

Or, X = 40000 ($\frac{26}{25}$)^4

Or, X = 46794.34

Hence the salary increase after four consecutive pay increase at 4% = $46794.34  Answer