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

Answer 1

42000(1+.03)^5

Answer 2

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