An entry level position pays 8 dollars per hour. A 4% raise is given at the end of each year of employment. What would the pay be after 3 years?
My mom tried to help me and she got 8.998912 which we figured would round to 9 dollars. When i reworked the problem i got 8.96. Does someone know the real answer because i don't even know if we worked out the problem right.
A 4% raise for the second year would be $0.32 -- which would bring her second year wage to $8.32 per hour.
The third year, she'd get $0.33 more -- so $8.64.
It would be 8(1.04^3
You mom is correct at $9.00
At the end of the third year, she'd make $8.64 an hour. At the beginning of the fourth year, she'd make $9.00 an hour.
the raise is given at the end of the year, and one would assume that the 4% raise is calculated on the pay at that time.
at the end of the first year ----8(1.04) = 8.32
at the end of the second year --8.32(1.04) = 8.65
at the end of the third year --- 8.65(1.04) = 8.9989.. = $9.00
What would the pay be after 3 years?
AFTER being the operative word.
8(1.04)^3 = 8.998912 or $9.00.
To calculate the pay after three years, we need to consider the annual raises and the initial salary. Here's the step-by-step calculation:
1. Start with the initial salary: $8 per hour.
2. Determine the raise percentage: 4%. To calculate the raise amount, we multiply the initial salary by the raise percentage: $8 x 0.04 = $0.32.
3. Add the raise amount to the initial salary: $8 + $0.32 = $8.32. This is the new hourly rate after one year of employment.
4. Repeat steps 2 and 3 for each subsequent year of employment. After the second year, the hourly rate will be $8.32 + $0.32 = $8.64. After the third year, it will be $8.64 + $0.32 = $8.96.
Therefore, the correct answer is $8.96 per hour after three years of employment.