Question

Suppose your annual starting salary is $55,183. After working for a few years, you start to get yearly raises. If you get a 0.6% raise a total of 3 times and then a 1.9% raise a total of 6 times, what is your salary after all the raises? Round your answer to the nearest dollar.

Answer 1

Answer:

The salary after all the increment = $62899.0879

Step-by-step explanation:

It is given that starting annual salary = $55183

There is given that there are there are three time increment of 0.6 %

So salary after 0.6% increment of 3 times = $55183\times (1+\frac{0.6}{100})^3$ = $56182.2656

After that there is other increment of 1.9 % that is 6 times

So salary after this increment = $56182.2656\times (1+\frac{1.9}{100})^6=62899.0879$

So the salary after all the increment = $62899.0879