An entry level position pays 8 dollars per hour. A 4% raise is given at the end of each year of employment. What would the pay be after 3 years?
8.00*(1.04)^3
(1.04)^3 is 1.04 cubed. Multiply it by the initial wage of $8.00/hr
Thanks i had an argument going the last time i posted this question. thanks again for the assurance.
To calculate the pay after 3 years with a 4% raise given at the end of each year, we need to find the increased rate over each year and multiply it by the initial pay.
Step 1: Calculate the raise for each year.
The raise for each year is 4% of the previous year's pay.
For the first year, the raise would be 4% of $8, which is (4/100) * $8 = $0.32.
For the second year, the raise would be 4% of $8.32 (initial pay + the previous year's raise), which is (4/100) * $8.32 = $0.3328.
For the third year, the raise would be 4% of $8.6528 (initial pay + raises from the previous years), which is (4/100) * $8.6528 = $0.346112.
Step 2: Add the raises to the initial pay for each year.
Year 1: Initial pay + raise for year 1 = $8 + $0.32 = $8.32
Year 2: Initial pay + raise for year 1 + raise for year 2 = $8 + $0.32 + $0.3328 = $8.6528
Year 3: Initial pay + raise for year 1 + raise for year 2 + raise for year 3 = $8 + $0.32 + $0.3328 + $0.346112 = $9.298912
So, after 3 years of employment, the pay would be $9.298912 per hour.