Question

You earn $15.00 per hour at your job. If you get a 15% raise at the end of each year, what will your hourly rate, h, be after 6 years? Use the equation h=C(1+r)^t where C is the beginning hourly rate, r is the growth rate, and t is time in years.

A.$28.50

B.$35.00

C.$34.70

D.$90.00

ITS NOT B

Answer 1

Correct Answer: Option C) $34.70

Initial salary = C = $15
Raise rate = r = 15% = 0.15
Time = t = 6 years
Hourly rate after 6 years is h and can be calculated as:

$h=C(1+r)^{t}$

Using the values, we get:

$h=15(1+0.15)^{6} \\ \\ h=34.70$

Therefore, the hourly rate after 6 years will be $34.70