7 November, 15:19
Vicky starts a new job with an hourly pay of $7.15. Suppose that her hourly pay increases by 5% each year. What will Vicky's hourly pay be in 3 years
7 November, 17:12
Answer: Vicky's hourly pay will be $8.3 in 3 years.
Suppose that her hourly pay increases by 5% each year, it means that the rate at which it is increasing is exponential. We would apply the formula for exponential growth which is expressed as
A = P (1 + r) ^t
A represents the hourly pay after t years.
t represents the number of years.
P represents the initial hourly pay.
r represents rate at which it is increasing.
From the information given,
P = $7.15
r = 5% = 5/100 = 0.05
t = 3 years
A = 7.15 (1 + 0.05) ^3
A = 7.15 (1.05) ^3
A = $8.3
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» Vicky starts a new job with an hourly pay of $7.15. Suppose that her hourly pay increases by 5% each year. What will Vicky's hourly pay be in 3 years