Question

A college graduate expects to earn a salary of 60000 during the first year after graduation and receive a 4% raise every year after that what is the total income he will have received after ten years?

Answer 1

So, there is an exponential growth formula you use.

First, write the initial cost which is

60,000

Then write 1+ the percentage of growth rate which is 0.04 percent. Then, right the time as an exponent after certain amount of years.

60,000(1+0.04)^10

60,000(1.04)^10

Plug this in a calculator

it should be 88814.6571

I hope this helps.

Answer 2

Answer:

88814.66 dollars

Step-by-step explanation:

Given that a college graduate expects to earn a salary of 60000 during the first year after graduation and receive a 4% raise every year

Hence have

Salary after t years = S(t) = 60000(1+4%)^t

Here t= 10

S(10) =60000(1.04)^10 = 88814.66 dollars

Thus we have after 10 years the revenue would be 88814.66 dollars