Answered

Discover a world of knowledge at Westonci.ca, where experts and enthusiasts come together to answer your questions. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

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

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.