Question

Entry function to model the situation. Then find the value of the function after the given amount of time. Use T as your variable and round you're answer to the nearest sent. Fiona salary is $21000, and she excepts to receive a 3% raise each year; 8 years. The function is y= Her salary after 8 years is $=

Answer 1

her salary after 8 years is $26,602

Explanation:

Given that

Fiona salary is $21,000

She received 3% raise each year

We need to find her salary after 8 years

So, here we apply the future value formula

i.e.

= Present value × (1 + rate of interest)^number of years

= $21,000 × (1 + 0.03)^8

= $21,000 × 1.03^8

= $26,602

hence, her salary after 8 years is $26,602