Simple interest!

Kenneth recentley started a new job. his starting gross monthly salary was 3200. Each year on the anniversary of his starting date, kenneth is promised a 7% raise.
If keneth works for 5 years what was his gross annual income in his fifth year of work?

my work:
A=p(1+ i)^n

A=?
p= $3200
i: 7%
n= 5

A=p(1+ i)^n
A=3200(1+0.07)^5
a= 3200(1.07)^5
A= 4488.17 I rounded it! is this correct?

there is part b to this question!

what is the minuim number of years Kenneth will have to work to earn a gross annual income of at least $60000?

I would think I would use the same formula right?

A=p(1+ i)^n

A= $60 000
p= $3200
i: 7%
n= ?

60 000 =3200(1+0.07)^n
but I get lost here how would I get n by itself?

thanks for your help!


7% rate,3 years $21

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