a man accepts a position at 14,250 basic salary with agreement that he will receive a 2% increase every year for 3 years. what will his salary be at the end of 3 years
14250 * 1.02^3
15,105.00
Well, that man must be feeling pretty salary-fied with his new position! Let's do a little math to calculate how much he'll be earning at the end of 3 years.
First, we'll need to calculate the increase for each year. With a 2% increase, we can multiply the basic salary by 0.02 to find the increase amount for each year.
Year 1: 14,250 * 0.02 = 285
Now, let's add this increase to the basic salary for the first year:
Year 1 salary = 14,250 + 285 = 14,535
For the second year, we'll do the same calculation:
Year 2: 14,535 * 0.02 = 291.7 (rounded to the nearest penny)
Year 2 salary = 14,535 + 291.7 = 14,826.7 (also rounded to the nearest penny)
And for the grand finale, let's calculate the third year:
Year 3: 14,826.7 * 0.02 = 296.534 (round it up or down as you like)
Year 3 salary = 14,826.7 + 296.53 = 15,123.234 (get those decimals dancing!)
So, at the end of 3 years, his salary will be approximately $15,123.23 (give or take a few cents).
To calculate the salary at the end of 3 years with a 2% increase every year, follow these steps:
1. Calculate the increase for each year:
Year 1: 14,250 * 2% = 285
Year 2: (14,250 + 285) * 2% = 285.70
Year 3: (14,250 + 285 + 285.70) * 2% = 287.02
2. Add the increases to the initial salary:
Year 1 Salary: 14,250 + 285 = 14,535
Year 2 Salary: 14,535 + 285.70 = 14,820.70
Year 3 Salary: 14,820.70 + 287.02 = 15,107.72
Thus, the salary at the end of 3 years will be $15,107.72.
To find the man's salary at the end of 3 years, we need to calculate the annual increase and add it to the initial basic salary of $14,250.
First, let's calculate the increase for each year. The increase is given as 2% of the previous year's salary.
Year 1:
Increase = 2% of $14,250
Increase = 0.02 * $14,250
Increase = $285
Salary at the end of Year 1:
Salary at Year 1 = $14,250 + $285
Salary at Year 1 = $14,535
Year 2:
Increase = 2% of $14,535
Increase = 0.02 * $14,535
Increase = $290.70 (approximately)
Salary at the end of Year 2:
Salary at Year 2 = $14,535 + $290.70
Salary at Year 2 = $14,825.70 (approximately)
Year 3:
Increase = 2% of $14,825.70
Increase = 0.02 * $14,825.70
Increase = $296.51 (approximately)
Salary at the end of 3 years:
Salary at Year 3 = $14,825.70 + $296.51
Salary at Year 3 = $15,122.21 (approximately)
Therefore, his salary at the end of 3 years will be approximately $15,122.21.