Question

You accept a new job with a starting salary of $47,000. You receive a 4% raise at the start of your second year, a 5.6% raise at the start of your third year, and an 11.1% raise at the start of your fourth year. (Round your answers to two decimal places.)

Answer 1

Answer:

1yr  47,000, 2nd yr  48,880, 3rd yr   51,617.28, 4th yr  57,346.7981 or 57,346.80

Step-by-step explanation:

1yr        47,000

2nd yr  47,000 x 4% = 48,880

3rd yr   48,880 x 5.6% = 51,617.28

4th yr   51,617.28 x 11.1% = 57,346.7981 or 57,346.80