Question

Find the final hourly wage if a $6.00 starting wage is increased by 5.5% each year for 10 years

Answer 1

Answer:

The total earnings for a wage of 6 per hour, an average work week of 8 hours, and working a total of 521 weeks (10 year) per year is:

$48.00 per week

or $25,008.00 per year

But to figure out how much the wage is being increased by 5.5% you would add 5.5% to the salary per year so 25,008.00 + 1,375.44= 26,383.44