Question

If output per worker is now nearly $120,000 per year, how much will the average worker produce 5 years from now if productivity improves by (use the compounding formula below to answer the question): fv1 = p(1 + r), fv2 = p(1 + r)(1 + r), fv3 = p(1 + r)(1 + r)(1 + r)… instructions: enter your responses rounded to two decimal places. (a) 2 percent per year? $ (b) 3 percent per year? $

Answer 1

It takes Jane 1 hour to make a necklace and 45 minutes to make a bracelet. As If output per worker is now nearly $120,000 per year, how much will the average worker produce 5 years from now if productivity improves by (use the compounding formula below to answer the question) answer.