Question

The starting salary for a new empolyee is $25,000. The salary for this empolyee increases by 8 % per year.What is the salary after each of the following? a. 1 yr b.3 yr c.5 yr d. 15 yr

Answer 1

just plug in the values for t, using the formula

25000 * 1.08^t

For example, after 2 years, the salary is

25000 * 1.08^2 = 29160