Question

If your starting salary is 50000 and u earn a 4% increase annually, how much money will you earn over 16 years

Answer 1

`\bf \qquad \textit{Amount for Exponential Growth}\\\\ A=I(1 + r)^t\qquad \begin{cases} A=\textit{accumulated amount}\\ I=\textit{initial amount}\to &50000\\ r=rate\to 4\%\to (4)/(100)\to &0.04\\ t=\textit{elapsed time}\to &16\\ \end{cases} \\\\\\ A=50000(1+0.04)^(16)\implies A=50000(1.04)^(16)`

Answer 2

it was 1091227 on APEX