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Vikentia [17]
3 years ago
5

As part of the performance bonus in a certain company, an employee will earn a 1 % increase every month. Ricka earns P 20 000 ev

ery month. How much will she earn after a year?
Mathematics
1 answer:
andreev551 [17]3 years ago
6 0

Answer:

FV= $22,536.5

Step-by-step explanation:

Giving the following information:

Growth rate (i)= 1% monthly

Present value (PV)= $20,000

Number of periods= 12 months

<u>To calculate how much will the employee earn after a year, we need to use the following formula:</u>

FV= PV*(1+i)^n

FV= 20,000*1.01^12

FV= $22,536.5

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