3 years ago

If you're starting salary is 40,000 and you receive a 3% increase at the end of every year what is the total amount in dollars y

ou'll earn over the first 16 years that you work?

1 answer:

7 0

$\bf \qquad \textit{Amount for Exponential Growth}\\\\
A=I(1 + r)^t\qquad 
\begin{cases}
A=\textit{accumulated amount}\\
I=\textit{initial amount}\to &40000\\
r=rate\to 3\%\to \frac{3}{100}\to &0.03\\
t=\textit{elapsed time}\to &15\\
\end{cases}
\\\\\\
A=40000(1+0.03)^{16}\implies A=40000(1.03)^{16}$

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