Question

Suppose that a new employee starts working at ​$7.05 per hour and receives a ​5% raise each year. After time​ t, in​ years, his hourly wage is given by the equation y = $7.05(1.05)^t Find the amount of time after which he will be earning​ $10.00 per hour.

Answer 1

Nope, wrong again!!!!




7.05(1.05)^t = 10
1.05^t = 10/7.05
t log 1.05 = lo10 - log7.05
t = (1 - .848189)/.021189 = appr 7.1645 years

check : 7.05(1.05)^7.1645 = 10.00