During a job interview,Pam Thompson is offered a salary of 28,000.The company gives annual raises of 6 percent. What would be Pam's salary during her fifth year on the job?
Current salary:Rs 20000
Increment:10%
To find Pam's salary during her fifth year on the job, we will calculate the salary increase for each year and apply it to the previous year's salary.
First, let's calculate the raise amount for each year:
Year 1: 6% of $28,000 = $1,680 increase
Year 2: 6% of ($28,000 + $1,680) = $1,720.8 increase
Year 3: 6% of ($28,000 + $1,680 + $1,720.8) = $1,733.45 increase
Year 4: 6% of ($28,000 + $1,680 + $1,720.8 + $1,733.45) = $1,746.01 increase
Year 5: 6% of ($28,000 + $1,680 + $1,720.8 + $1,733.45 + $1,746.01) = $1,758.57 increase
Now, let's calculate Pam's salary during her fifth year on the job:
Year 1: $28,000 + $1,680 = $29,680
Year 2: $29,680 + $1,720.8 = $31,400.8
Year 3: $31,400.8 + $1,733.45 = $33,134.25
Year 4: $33,134.25 + $1,746.01 = $34,880.26
Year 5: $34,880.26 + $1,758.57 = $36,638.83
Therefore, Pam's salary during her fifth year on the job would be $36,638.83.