pam is offered a salary of 28,000 a year for 30 years with annual raises of 6 % what would be pam's salary during her 5th year on the job
To calculate Pam's salary during her 5th year on the job, we will need to consider the annual raises of 6%. Here's how you can calculate it:
1. Start with Pam's initial salary of $28,000.
2. Calculate the raise for each year. To find the raise amount, multiply the current salary by the raise percentage of 6%. In this case, for each year, the raise would be $28,000 * 6% = $1,680.
3. Calculate Pam's salary for each year by adding the raise amount to the previous year's salary.
- Year 1: $28,000 (initial salary)
- Year 2: $28,000 + $1,680 (raise amount) = $29,680
- Year 3: $29,680 + $1,680 = $31,360
- Year 4: $31,360 + $1,680 = $33,040
- Year 5: $33,040 + $1,680 = $34,720
Therefore, Pam's salary during her 5th year on the job would be $34,720.