Jim begins a job with a starting salary of 27000 dollars. she is guaranteed a raise of 4.75% each year. Sarah also starts a job with a salary of 27000 dollars, she is guaranteed a raise of 1500 dollars each year.
What will be Jim's salary after five years
Jim begins a job with a starting salary of 27000 dollars. she is guaranteed a raise of 4.75% each year. Sarah also starts a job with a salary of 27000 dollars, she is guaranteed a raise of 1500 dollars each year.
What will be Jim's salary after five years
yes
To calculate Jim's salary after five years, we'll need to apply the annual raise of 4.75% for each year.
Step 1: Calculate the raise amount for each year.
To find the raise amount for the first year, multiply Jim's starting salary by the raise percentage:
27000 * 4.75% = 1282.50 dollars
For the second year, add this raise amount to the starting salary and then calculate the new raise amount:
(27000 + 1282.50) * 4.75% = 1302.61 dollars
Repeat this process for the following years:
Year 3: (27000 + 1282.50 + 1302.61) * 4.75% = 1322.85 dollars
Year 4: (27000 + 1282.50 + 1302.61 + 1322.85) * 4.75% = 1343.22 dollars
Year 5: (27000 + 1282.50 + 1302.61 + 1322.85 + 1343.22) * 4.75% = 1363.72 dollars
Step 2: Calculate Jim's salary after five years.
To find Jim's salary after five years, add up the starting salary and the raise amounts for each year:
27000 + 1282.50 + 1302.61 + 1322.85 + 1343.22 + 1363.72 = 28114.90 dollars
Therefore, Jim's salary after five years will be 28,114.90 dollars.