Molly is currently making 42000 a year her contract includes a 3% raise each year what is her salary for the next 5 years
Current. 42000
After 1. 43260
After 2. 44558
After 3. 45895
After 4. 47272
After 5. 48690
42000(1+.03)^5
You currently make $42,000 per year. Your deductions amount to 27% each month. You will get a 3% raise next year.
To calculate Molly's salary for the next 5 years with a 3% raise each year, you can use the following steps:
1. Start with Molly's current salary:
Year 0: $42,000
2. Calculate Molly's salary for the next year by adding a 3% raise to her current salary:
Year 1: $42,000 + ($42,000 * 0.03) = $43,260
3. Calculate Molly's salary for each subsequent year by adding a 3% raise to her previous year's salary:
Year 2: $43,260 + ($43,260 * 0.03) = $44,558
Year 3: $44,558 + ($44,558 * 0.03) = $45,895
Year 4: $45,895 + ($45,895 * 0.03) = $47,272
Year 5: $47,272 + ($47,272 * 0.03) = $48,690
Therefore, Molly's salary for the next 5 years would be as follows:
Year 0: $42,000
Year 1: $43,260
Year 2: $44,558
Year 3: $45,895
Year 4: $47,272
Year 5: $48,690
To calculate Molly's salary for the next 5 years, you need to apply the 3% raise to her current salary each year.
Here's how you can calculate it:
1. Start with Molly's current salary: $42,000.
2. To calculate the raise for year 1, multiply the current salary by 3%:
$42,000 x (3/100) = $1,260.
3. Add the raise to Molly's current salary to find her salary after 1 year:
$42,000 + $1,260 = $43,260.
4. To calculate the raise for year 2, multiply her salary after 1 year by 3%:
$43,260 x (3/100) = $1,297.8.
5. Add the raise to her salary after 1 year to find her salary after 2 years:
$43,260 + $1,297.8 = $44,558.
6. Repeat steps 4 and 5 for the next 3 years to find Molly's salary after 3, 4, and 5 years:
After 3 years: $45,895.
After 4 years: $47,272.
After 5 years: $48,690.
Therefore, Molly's salary for the next 5 years would be as follows:
After 1 year: $43,260.
After 2 years: $44,558.
After 3 years: $45,895.
After 4 years: $47,272.
After 5 years: $48,690.