A man accepts a position at Php9000 a month with the understanding that he will receive an increase of 10% a year computed on the previous years salary. Form an equation that will compute how much he will receive a month after 10 years of service.
To form an equation that will compute how much the man will receive per month after 10 years of service, we need to account for the initial salary and the increase of 10% per year.
Let's break down the problem step by step:
1. We start with the initial salary of Php9000 per month.
2. Each year, the man will receive a 10% increase on his previous year's salary. This means that each year, his salary will be 100% + 10% = 110% of his previous year's salary.
3. After one year of service, the man's salary will be: 9000 + (9000 * 10%) = 9000 + 900 = 9900.
4. After two years of service, the man's salary will be: 9900 + (9900 * 10%) = 9900 + 990 = 10890.
5. Based on this pattern, we can see that the formula to calculate the man's salary after n years of service would be:
Salary after n years = Initial Salary * (1 + Increase Rate)^n
In this case, the Initial Salary is Php9000, and the Increase Rate is 10% (which can be expressed as 0.1).
Therefore, the equation to compute the man's salary after 10 years of service is:
Salary after 10 years = 9000 * (1 + 0.1)^10
Simplifying this equation will give you the monthly salary the man will receive after 10 years of service.