Posted by **B.B.** on Friday, June 19, 2009 at 8:33pm.

Here is my problem: Annual Earnings. A recent survey reported the following average annual earnings: Retail salesperson $13,000 Taxi Driver $23,000 High school teacher $38,000 President of the United States $400,000 If a teacher puts 3% of the salary shown into a retirement fund each year, how many years will it take for the principal in the fund (excluding interest) to accumulate to the amount that a retail salesperson earns in 1 year? My answer is that 3% of the teacher salary would be a $124 therefore it would take about 10.5 years. Is this correct?

- Math -
**DrBob222**, Friday, June 19, 2009 at 8:39pm
0.03 x 38,000 looks more like $1,140 to me.

- Math -
**B.B.**, Friday, June 19, 2009 at 9:00pm
Thanks. Would this change how many years?

- Math -
**Ms. Sue**, Friday, June 19, 2009 at 9:36pm
Yes. It does change the number of years.

13,000 / 1,140 = ??

## Answer This Question

## Related Questions

- Math - Im stuck plz help If a salesperson earns an annual salary of $ 45,000 ...
- Math - Please use the following information to answer questions 4-5: Cash $10,...
- Accounting - Please use the following information to answer questions 4-5: Cash...
- Accounting - Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 ...
- MATH urgent!!! - My problem: From 1992 to 1996, the annual income for all the ...
- math - Assume that the average annual salary for a worker in the United States ...
- Statistics - Assume that the average annual salary for a worker in the United ...
- economics - Part 1 A firm has the current liabilities and equity financing on ...
- Account - Peck Company: The Peck Company reported the following items on its ...
- Finance - Item Total assets $10,000,000 Total equity (all common) 9,000,000 ...

More Related Questions