you accept a new job with a starting salary of $34,800. You are told you will receive an annual raise of least $1,500. What is the maximum number of years you must work before your annual salary will be 45,000?
(** SHOW WORK SO I CAN KNOW HOW YOU GOT THE ANSWER....)
34,800 + 1,500x = 45,000
Solve for x.
To find the maximum number of years it would take for your annual salary to reach $45,000, we can calculate how many raises you would need to go from $34,800 to $45,000.
Let's denote the number of years worked as 'x'.
The salary after 'x' years can be determined by:
Annual Salary = Starting Salary + (Number of Raises * Raise Amount)
Given:
Starting Salary = $34,800
Raise Amount = At least $1,500
Annual Salary (target) = $45,000
To find the number of raises, we need to find the difference between the target annual salary and the starting salary and divide that by the raise amount:
Difference in annual salary = $45,000 - $34,800 = $10,200
Number of Raises = Difference in annual salary / Raise Amount
Number of Raises = $10,200 / $1,500 = 6.8
Since we cannot have a fractional number of raises, we need to round up to the nearest whole number (as we want to find the maximum number of years). This means we would need at least 7 raises to reach an annual salary of $45,000.
Now, let's find the number of years needed to accumulate 7 raises. We will multiply the number of raises by the number of years between each raise. Since the raise is applied annually, the number of years between each raise is 1.
Number of Years = Number of Raises * Number of Years Between Each Raise
Number of Years = 7 * 1 = 7
Therefore, you would need to work a maximum of 7 years to reach an annual salary of $45,000 with a starting salary of $34,800 and a minimum annual raise of $1,500.