Answered

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A position at a local company has a starting salary of $15,000. The salary is expected to increase by 5% each year what will the salary be after 5 years?

Sagot :

lublana

Answer:

$19144.22

Step-by-step explanation:

We are given that

Initial salary=$15,000

Increased per year=5%

We have to find the salary after 5 years

After 1 year salary

=[tex]15000+\frac{5}{100}\times 15000=[/tex]$15750

After 2 year

Salary

=[tex]15750+\frac{5}{100}\times 15750=[/tex]$16537.5

After 3year ,salary

[tex]=16537.5+\frac{5}{100}\times 16537.5[/tex]

=$17364.375

After 4 year

Salary=[tex]17364.375+\frac{5}{100}\times17364.375[/tex]

=$18232.59375

After 5 year

Salary

=[tex]18232.59375+\frac{5}{100}\times 18232.59375[/tex]

=$19144.22

After 5 years, the salary will be $19144.22

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