What would be pam’s salary during her fifth year on the job is: $37,440.
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Salary Increase</h3>
Salary Increases
Year 1: $32,000
Year 2: $32,000 × 1.04 = $33,280
Year 3: $33,280 × 1.04 = $34,611.2
Year 4: $34,611.2× 1.04 = $35,995.648
Year 5: $35,995.648× 1.04 = $37,435.47
Salary in fifth year = Current salary × FV single sum table factor
Salary in fifth year= $32,000 × 1.170
Salary in fifth year= $37,440
Therefore what would be pam’s salary during her fifth year on the job is: $37,440.
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