Answered

Westonci.ca is the Q&A platform that connects you with experts who provide accurate and detailed answers. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Rachel's starting salary was $45,000 per year.
Rachel received a 3.7% raise every year after her first
year. How much is Rachel making now, & years later?

Sagot :

Answer:

After 1 year $46,665

Vf = Vi ( 1 + r/m) ^ tm

Step-by-step explanation:

Vf = Final Value

Vi = Initial Value ($45,000)

r = Interest Rate (3.7%, put in decimal form so .037)

m = Compound Rate (amount of times it increases every year, for this it would be 1)

t = Amount of years you are forecasting

45000 * (1 + .037)²

45000 * (1.037)²

45000 * 1.075369

$48,391.605 in 2 years

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.