Salary compound annually.
P = Po(1+r)^n.
Po = Initial pay.
n = the number of compounding periods.
P = 48,000(1.02)^30.
A company is offering a job with a salary of 48000 and a raise of 2 percent each year. Write a formula to represent the salary after each year then determine after 30 years.
1 answer
1 answer