The starting salary for a new empolyee is $25,000. The salary for this empolyee increases by 8 % per year.What is the salary after each of the following? a. 1 yr b.3 yr c.5 yr d. 15 yr
just plug in the values for t, using the formula
25000 * 1.08^t
For example, after 2 years, the salary is
25000 * 1.08^2 = 29160
To find the salary after each year, we need to calculate the 8% increase and add it to the previous year's salary. Here's how to do it step by step:
a) After 1 year:
Starting salary: $25,000
Increase: 8% of $25,000 = $25,000 * 0.08 = $2,000.
Salary after 1 year: $25,000 + $2,000 = $27,000.
b) After 3 years:
Starting salary: $25,000
For each year, increase: 8% of $25,000 = $2,000.
Year 1 salary: $25,000 + $2,000 = $27,000.
Year 2 salary: $27,000 + $2,000 = $29,000.
Year 3 salary: $29,000 + $2,000 = $31,000.
c) After 5 years:
Starting salary: $25,000
For each year, increase: 8% of $25,000 = $2,000.
Year 1 salary: $25,000 + $2,000 = $27,000.
Year 2 salary: $27,000 + $2,000 = $29,000.
Year 3 salary: $29,000 + $2,000 = $31,000.
Year 4 salary: $31,000 + $2,000 = $33,000.
Year 5 salary: $33,000 + $2,000 = $35,000.
d) After 15 years:
Starting salary: $25,000
For each year, increase: 8% of $25,000 = $2,000.
Year 1 salary: $25,000 + $2,000 = $27,000.
Year 2 salary: $27,000 + $2,000 = $29,000.
Year 3 salary: $29,000 + $2,000 = $31,000.
Year 4 salary: $31,000 + $2,000 = $33,000.
Year 5 salary: $33,000 + $2,000 = $35,000.
Year 6 salary: $35,000 + $2,000 = $37,000.
Year 7 salary: $37,000 + $2,000 = $39,000.
Year 8 salary: $39,000 + $2,000 = $41,000.
Year 9 salary: $41,000 + $2,000 = $43,000.
Year 10 salary: $43,000 + $2,000 = $45,000.
Year 11 salary: $45,000 + $2,000 = $47,000.
Year 12 salary: $47,000 + $2,000 = $49,000.
Year 13 salary: $49,000 + $2,000 = $51,000.
Year 14 salary: $51,000 + $2,000 = $53,000.
Year 15 salary: $53,000 + $2,000 = $55,000.
So, the salary after each of the following would be:
a) 1 yr: $27,000
b) 3 yr: $31,000
c) 5 yr: $35,000
d) 15 yr: $55,000.