Molly is currently making 42000 a year her contract includes a 3% raise each year what is her salary for the next 5 years

Question

Molly is currently making 42000 a year her contract includes a 3% raise each year what is her salary for the next 5 years
Current.     42000
After 1.       43260
After 2.       44558
After 3.       45895
After 4.       47272
After 5.       48690

Steve · Answer

42000(1+.03)^5

dee · Answer

You currently make $42,000 per year. Your deductions amount to 27% each month. You will get a 3% raise next year.