Question

You earn $21.00 per hour at your job. If you get a 9% raise at the end of each year, what will your hourly rate, h, be after 5 years? Use the equation h = C (1 + r)^t where C is the beginning hourly rate, r is the growth rate, and t is time in years.

Answer 1

Plug in the info given and solve:

h = 21(1.09)^5
h = $32.31