Question

You get a job as a nurse. Your salary for the first year is $33,500. You will

receive a 1.5% increase every year. If you could save your entire salary, how
much money would you have in 4 years? Round to the nearest dollar.

Answer 1

Explanation:

Assuming that your salary is $1, your savings after each year would be:

End of year 1: $1 x 1.015 = $1.015

End of year 2: $1.015 x 1.015 = $1.03023

End of year 3: $1.03023 x 1.015 = $1.04586

End of year 4: $1.04586 x 1.015 = $1.06186

Therefore, after 4 years of saving your entire salary with a 1.5% increase each year, you would have approximately $1.06.