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Sagot :
Answer:
- a) P(x) = 32000*1.04^x
- b) $37435
- c) During year 7
Step-by-step explanation:
Given
- Initial pay = $32000
- Increase rate = 4%
a. Formula
- P(x) = 32000*1.04^x
b. Year 5 is after 4 years, so we are looking for the value of P(4)
- P(4) = $32000*1.04^4 = $37435
c. P(x) = 40000, x = ?
- 40000 = 32000*1.04^x
- 1.04^x = 40000/32000
- 1.04^x = 1.25
- log 1.04^x = log 1.25
- x = log 1.25 / log 1.04
- x = 5.69, this is 6 years after
The required number of the years is 6 + 1 = 7
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