Question

A worker earns a 3% increase in her annual salary for each of 5 years. They plan to continue working in their position for an additional n years. If they continue to earn a 3% increase in their annual salary, what statement could describes the expression that can be used to calculate the total percent increase in their annual salary from the first year to the last year

Answer 1

Answer:

Given that a worker earns a 3% increase in her annual salary for each of 5 years, and they plan to continue working in their position for an additional N years, if they continue to earn a 3% increase in their annual salary, to determine what statement could describe the expression that can be used to calculate the total percent increase in their annual salary from the first year to the last year the following calculation should be performed:

1 + 0.03 (interest rate) ^ N (number of years) = final interest rate

1.03 ^ N = Final interest rate

Thus, for example, if it were invested for 5 years, the equation would operate as follows:

1.03 ^ 5 = X

1.16 = X