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Find the final hourly wage if a $11.50 starting wage is increased by 2.5% each year for 8 years. Half the raise is given every 6 months.
6 answers
My question is how do I know which formula to use.
I see the same formula applying to each of your 5 problems, looks like exponential growth in each case.
Which formula have you learned?
Which formula have you learned?
My teacher briefly mentioned exponential growth, exponential decay, comping interest, and exponential growth/decay continuous.
"comping interest" ? Looks like you have to pay a bit more attention.
I am sure your teacher more than briefly mentioned this.
This is a major topic and often takes up weeks of a course.
The main formula is
amount = initialvalue (base)^time
It can be adjusted to population growth, money growth, bacteria growth,
growth of frogs in a pond, etc
for this particular problem
amount = 11.5(1.0125)^16
= ...
can you see how I fit your data into the general growth formula ?
I am sure your teacher more than briefly mentioned this.
This is a major topic and often takes up weeks of a course.
The main formula is
amount = initialvalue (base)^time
It can be adjusted to population growth, money growth, bacteria growth,
growth of frogs in a pond, etc
for this particular problem
amount = 11.5(1.0125)^16
= ...
can you see how I fit your data into the general growth formula ?
Thanks very much for your help - and the correction (mistakes happen, especially typos), but I'm sure when I say it was a brief mention since it's an algebra class doing pre-calc.
1 answer