Suppose that a new employee starts working at $7.67 per hour and receives a 3% raise each year. After time t, in years, his

Question

3 years ago

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Suppose that a new employee starts working at $7.67 per hour and receives a 3% raise each year. After time t, in years, his

hourly wage is given by the equation .y=$7.67(1.03)t. Find the amount of time after which he will be earning $10.00 per hour.
After what amount of time will the employee be earning $10.00 per hour?

Mathematics

1 answer:

Andrews [41] · Answer 1 · 2022-09-10T19:21:23+03:00

Answer:

9 years

Step-by-step explanation:

You want to find t such that y=10.

10 = 7.67(1.03)^t

10/7.67 = 1.03^t . . . . . divide by 7.67

log(10/7.67) = t·log(1.03) . . . . . . take logs

log(10/7.67)/log(1.03) = t ≈ 8.9743 . . . . . years

After about 9 years, the employee will be earning $10 per hour.

Suppose that a new employee starts working at ​$7.67 per hour and receives a 3​% raise each year. After time​ t, in​ years, his

Suppose that a new employee starts working at $7.67 per hour and receives a 3% raise each year. After time t, in years, his