You currently earn 800 per month but you are expecting your earnings to rise 70% per year. In five years what you expect to be earning?

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03-11-2022
Mathematics

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You currently earn 800 per month but you are expecting your earnings to rise 70% per year. In five years what you expect to be earning?

Sagot :

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AvorieS272247 AvorieS272247 · Answer 1 · 2022-11-03T01:36:34-04:00

To solve this problem we will use the following formula for compounded interest:

[tex]A=A_0(1+r)^t,[/tex]

where A₀ is the initial amount, r is the interest rate as a decimal number, and t is the number of years.

Substituting A₀=800, r=0.7, and t=5 we get:

[tex]A=800(1+0.7)^5.[/tex]

Simplifying the above result we get:

[tex]A=800(1.7)^5=800\cdot14.19857=11358.856\approx11358.86.[/tex]

Answer:

In five years, you should be earning about $11360 per month, because your earnings rise 70% per year, which are added to the earnings of the previous month.

Sagot :

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