Suppose you are offered a job at $1600 a month with a guaranteed increase of $70 every 6 months for 5 years. What will your salary be at the end of this period of time?
Thank you!!
Add 10 x $70 to the starting monthly salary.
The number 10 is the number of raises received in 5 years
To find out the salary at the end of 5 years, we need to determine how many times the increase of $70 occurs in this period.
First, we need to calculate the number of 6-month periods in 5 years. Since there are 12 months in a year and 6 months in a period, the total number of 6-month periods is:
5 years = 5 x 12 months = 60 months
60 months / 6 months per period = 10 periods
Next, we calculate the total increase in salary over the 5-year period. Each 6-month period, the salary increases by $70, so the total increase after 10 periods is:
10 periods x $70 = $700
Finally, we add the total increase to the initial salary of $1600 per month:
$1600 + $700 = $2300
Therefore, your salary at the end of the 5-year period will be $2300 per month.