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LekaFEV [45]
2 years ago
14

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?
Mathematics
1 answer:
storchak [24]2 years ago
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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Step-by-step explanation:

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Using ratio properties

180

3

=

x

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1

hour

We need to 'force' the left hand side into the same form as the right. That is: we need to convert the denominator into 1 and see what happens to the numerator.

⇒

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60

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