You are offered a job that pays $37,000 during the first year, with an annual increase of 10% per year beginning in the second year. That is, beginning in year 2, your salary will be 1.1 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 ​$37,000 during the first​ year, with an annual increase of 10​% per year beginning in the second year. That​ is, beginning in year​ 2, your salary will  be 1.1 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 the salary in the fourth year, we need to find the salary for each year leading up to the fourth year.

First year: $37,000
Second year: $37,000 x 1.1 = $40,700
Third year: $40,700 x 1.1 = $44,770
Fourth year: $44,770 x 1.1 = $49,247

Therefore, you can expect to earn $49,247 in your fourth year on the job.