Kenneth recentley started a new job. his starting gross monthly salary was 3200. Each year on the anniversary of his starting date, kenneth is promised a 7% raise.
If keneth works for 5 years what was his gross annual income in his fifth year of work?
my work:
A=p(1+ i)^n
A=?
p= $3200
i: 7%
n= 5
A=p(1+ i)^n
A=3200(1+0.07)^5
a= 3200(1.07)^5
A= 4488.17 I rounded it! is this correct?
there is part b to this question!
what is the minuim number of years Kenneth will have to work to earn a gross annual income of at least $60000?
I would think I would use the same formula right?
A=p(1+ i)^n
A= $60 000
p= $3200
i: 7%
n= ?
60 000 =3200(1+0.07)^n
but I get lost here how would I get n by itself?
thanks for your help!
Part A looks correct.
For part B just keep simplifying
60,000 = 3200(1+0.07)^n so
18.75 = (1+0.07)^n
Take the ln of each side to get
ln(18.75) = n*ln(1.07) so
ln(18.75)/ln(1.07) = n
show me how you calculate this eg.
Mr.Williains bought a plot og land for $40 000. The value of theland appreciated by 7% each year. calculate the volue of the land after a period of two years.
tell me how
17 years ago
16 years ago
use your scientefic calculator to find ln 18.75 and ln 1.07.
11 months ago
To calculate the value of the land after a period of two years, you can use the formula for compound interest:
A = P(1 + i)^n
Where:
A = the final value of the land
P = the initial value of the land ($40,000)
i = the annual interest rate (7% or 0.07)
n = the number of years (2)
Plugging in the values, we have:
A = 40,000(1 + 0.07)^2
Now let's calculate it step by step:
Step 1: Calculate the interest rate plus 1
1 + 0.07 = 1.07
Step 2: Raise the result to the power of the number of years
1.07^2 = 1.1449
Step 3: Multiply the initial value by the result from step 2
40,000 * 1.1449 = 45,796
Therefore, the value of the land after two years would be $45,796.