Question

After college you start a job earning $40000 a year. You get a 6% raise each year. a) How much will you earn in year 2?

b) How much will you earn in year 4?
c) What will be your TOTAL earnings after 10 years?

Please show all work! Thank you so much!

Answer 1

The answer to Part a is $44,800. I did this by 40000*2*3/50 which comes out to 4,800 you add that to your beginning worth, 40,000. Part b is as follows; 9,600 which comes out to be $49,600. Replace the 2 in the original equation to be 40,000*4*3/50. The number '2' and '4' represent the years, and the 3/50 is equal to 6%. 6% in math terms is 3/50. The answer to part c is as follows; 40000*10*3/50 which comes out to be 24,000 so your final answer for part c is: $64,000 I hope this helped! Let me know if you need more work shown, and I'll add more! :)