Asked by lindsey
An entry level position pays 8 dollars per hour. A 4% raise is given at the end of each year of employment. What would the pay be after 3 years?
My mom tried to help me and she got 8.998912 which we figured would round to 9 dollars. When i reworked the problem i got 8.96. Does someone know the real answer because i don't even know if we worked out the problem right.
My mom tried to help me and she got 8.998912 which we figured would round to 9 dollars. When i reworked the problem i got 8.96. Does someone know the real answer because i don't even know if we worked out the problem right.
Answers
Answered by
Ms. Sue
A 4% raise for the second year would be $0.32 -- which would bring her second year wage to $8.32 per hour.
The third year, she'd get $0.33 more -- so $8.64.
The third year, she'd get $0.33 more -- so $8.64.
Answered by
Reiny
It would be 8(1.04^3
You mom is correct at $9.00
You mom is correct at $9.00
Answered by
Ms. Sue
At the end of the third year, she'd make $8.64 an hour. At the beginning of the fourth year, she'd make $9.00 an hour.
Answered by
Reiny
the raise is given at the end of the year, and one would assume that the 4% raise is calculated on the pay at that time.
at the end of the first year ----8(1.04) = 8.32
at the end of the second year --8.32(1.04) = 8.65
at the end of the third year --- 8.65(1.04) = 8.9989.. = $9.00
at the end of the first year ----8(1.04) = 8.32
at the end of the second year --8.32(1.04) = 8.65
at the end of the third year --- 8.65(1.04) = 8.9989.. = $9.00
Answered by
tchrwill
What would the pay be after 3 years?
AFTER being the operative word.
8(1.04)^3 = 8.998912 or $9.00.
AFTER being the operative word.
8(1.04)^3 = 8.998912 or $9.00.
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