Respuesta :
Answer:
Formula: A = 48,000(1+0.02)^t
salary after 30 years: $ 86,945.35
Step-by-step explanation:
Hi, to answer this question we have to apply an exponential growth function:
A = P (1 + r) t
Where:
p = initial salary
r = raising rate (decimal form)
t= years
A = salary after t years
Replacing with the values given:
A = 48,000 (1+ 2/100)^t
A = 48,000(1+0.02)^t
Salary after 30 years: substitute t=30
A = 48,000(1+0.02)^30
A = 48,000(1.02)^30
A=$ 86,945.35
Feel free to ask for more if needed or if you did not understand something.
Answer:
The salary after 30 yeras will be $86,945.
Step-by-step explanation:
Since the salary is raised every year by 2%, it can be modeled as a compounded growth, so we can use the compounded interest formula, but in the place of the interest rate we will use the raise rate. We have:
M = C*(1.02)^t
Where M is the final salary, C is the initial salary and t is the time elapsed. In this case the initial salary is 48000 and we want to know how much will be the salary after 30 years, so t = 30. We have:
M = 48000*(1.02)^30 = 86945
The salary after 30 yeras will be $86,945.
