Jamal earns $125,000 a year as a systems analyst. He wants to know how much he will earn if he continues at the same rate of pay for 7 years. Which equation will help him find this amount?
The equation that will help him find this amount is:
Total earnings = Annual earnings * Number of years
To find out how much Jamal will earn if he continues at the same rate of pay for 7 years, we can use the formula for finding the future value of an annuity.
The equation that will help Jamal find this amount is:
Future Value = Present Value x (1 + Interest Rate)^(Number of Periods)
In this case, the Present Value is Jamal's annual salary, which is $125,000.
The Interest Rate is 0 since there is no interest involved in this scenario.
The Number of Periods is 7 years.
Using this information, we can substitute the values into the equation:
Future Value = $125,000 x (1 + 0)^7
Future Value = $125,000 x (1)^7
Future Value = $125,000 x 1
Future Value = $125,000
Therefore, Jamal will earn $125,000 if he continues at the same rate of pay for 7 years.
To find out how much Jamal will earn if he continues at the same rate of pay for 7 years, the equation you can use is:
Earnings = Annual Salary * Number of Years
In this case, Jamal's annual salary is $125,000, and he wants to know his earnings over 7 years. So, the equation becomes:
Earnings = $125,000 * 7
By substituting the values into the equation and solving it, Jamal will be able to determine his total earnings over 7 years.