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artcher [175]
3 years ago
15

Your friend Michelle just graduated and has two job offers that she is considering. Both job offers pay the same, but JobA

Mathematics
1 answer:
just olya [345]3 years ago
5 0

Money offered to Michelle per annum in Job A = $1700

Number of years she will work in job A = 5

Percentage of earnings per annum for her retirement plan = 6.60%

Money she will earn will be the simple interest at the end of 5 years.

We know that :

\color{plum}{ \tt{Simple \:  interest  =  \frac{Principle  \ \: \times  \: Rate  \:  \: \times \:  \:  Time}{100} }}

Principal = $1700

Rate = 6.60%

Time = 5 years

Which means :

=  \frac{1700 \times 6.60 \times 5}{100}

=  \frac{56100}{100}

= \color{plum}\$561

We also know that :

\color{plum}\tt \: Amount = Principal + Interest

Amount Michelle will earn at the end of 5 years for her retirement plan :

= 1700 + 561

=\color{plum}\bold{\$ 2261}

2261 can be rounded off to 2260.

Therefore, Michelle will earn <u>$2260</u> at the end of 5 years for her retirement plan.

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