Question

4. Jordan struggles to pay his bills each month, so he decides to ask his boss for a raise. His boss says that he will provide Jordan with an 8% raise each of the next three years if he continues to perform well. If Jordan earns $15,080 a year now, what will his salary be at the end of three vears?

Answer 1

$18996.46

Explanation:

First find his new pay. To do it, we multiply 15,080 x 8% and then add it to 15080. However we can't just multiply percent so we convert 8% to a decimal. Simply move the decimal 2 places to the left since a percent is part of 100. 8.0 becomes 0.08. Now we can multiply. 15080 x 0.08= 1206.4. Now add it to 15080. 15080+1206.4= 16286.4.

This is only 1 year. We will repeat this 2 more times.

16286.4 x 0.08= 1302.912

16286.4+1302.912= 17589.312

Now one more time for the third.

17589.312x0.08= 1407.14496

17589.312+ 1407.14496= 18996.45696

You should round it to the nearest hundreth.

18996.46