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Garcia_123 Group Title

Suppose that you have been hired at an annual salary of $85,000 and receive a raise of 6% per year. How much will you have earned after 7 yrs???

  • one year ago
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  1. ashley4328 Group Title
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    1 year: 90,100 2 years:95,506 3 years: 101,236.36 So each year, the salary is raised 6%. So changing the percent to a decimal is .06. Using that you would times it with $85,000 and get $5,100. Then you would add that and get the next year's salary. So taking that salary which would be $90,100. Basically, you're multiplying .06 with the previous salary for each year and that is how you would get the next salary. Use this to find out the rest of the years until you reach 7 years.

    • one year ago
  2. tkhunny Group Title
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    i = 0.06 r = 1 + i = 1.06 \(85000 + 85000r + 85000r^{2} + ... + 85000r^{6} = 85000(1 + r + r^{2} + ... + r^{6}) = 85000\cdot\dfrac{1-r^{7}}{1-r} \) It's called "Basic Principles" and it used the concept of the Sum of a Geometric Series.

    • one year ago
  3. Garcia_123 Group Title
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    thanks!! I got it now, final answer is $713,476

    • one year ago
  4. ashley4328 Group Title
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    Welcome :)

    • one year ago
  5. tkhunny Group Title
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    That last one was \(85000\cdot\dfrac{1-r^{7}}{1-r}\)

    • one year ago
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