Homework Help: Personal finances

Posted by shanty on Saturday, January 28, 2012 at 12:45pm.

Calculating future value if salary. During a job interview, Pam thompson is offered a salary of $28.000. The company gives annual raises of 6 percent. What would be Pam's salary during her fifth year on the job?

Personal finances - Henry, Sunday, January 29, 2012 at 4:08pm
Pt = Po(1+r)^4.

Pt = 28000(1.06)^4 = $35,349.35. = Salary at end of 4th year = Salary at
beginning and during 5th yar.

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