2. If the present salary of an employee is $36,500 and they are to receive a 7% raise next year, what will be the new salary?
1 answer:
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Answer:
she need to pay is $550.40
Step-by-step explanation:
given data
interest = 4.2 % compounded quarterly = 0.042 / 4 = 0.0105
future value = $7000
time = 3 year = 3 × 4 = 12 months
to find out
How much money she need to pay
solution
we will apply here formula for future value for compound quarterly
that is
future value = principal × .............1
put here all these value
future value = principal ×
7000 = principal ×
principal = 550.40
so she need to pay is $550.40