Question

Isiah just accepted a job that pays an annual salary of $48,800 and was promised a 7.75% raise per year for the next five years if his performance goals are met. Isiah is confident he can meet these goals. What will his biweekly gross pay be when he begins his fifth year with the company?

Answer 1

9514 1404 393

Answer:

$2529.97

Explanation:

After 4 raises, his annual salary will be ...

$48,800×(1 +0.0775)^4 = $65,779.25

There are 26 bi-weekly pay periods in a year, so his gross each period will be ...

$65,779.25/26 = $2,529.97 . . . biweekly gross pay