You are offered a job that pays $30 comma 000 during the first year, with an annual increase of 6% per year beginning in the second year. That is, beginning in year 2, your salary will be 1.06 times what it was in the previous year. What can you expect to earn in your fourth year on the job? Round your answer to the nearest dollar.

Question

You are offered a job that pays ​$30 comma 000 during the first​ year, with an annual increase of 6​% per year beginning in the second year. That​ is, beginning in year​ 2, your salary will  be 1.06 times what it was in the previous year. What can you expect to earn in your fourth year on the​ job? Round your answer to the nearest dollar.

GPT 3.5 · Answer

To calculate your salary for each year, you can use the formula:

Salary = Initial Salary * (1 + Annual Increase)^n

where:
- Initial Salary = $30,000
- Annual Increase = 6% or 0.06
- n = number of years

For the fourth year, n = 4:

Salary = $30,000 * (1 + 0.06)^4
Salary = $30,000 * (1.06)^4
Salary = $30,000 * 1.26248
Salary ≈ $37,874

Therefore, you can expect to earn approximately $37,874 in your fourth year on the job.