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1 April, 05:00

Emily got a new job that guarantees her a 6% raise every year. If she started out making $25,000, how long will it be before she doubles her current salary?

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Answers (2)
  1. 1 April, 05:34
    0
    using the rule of 72 in 12 years time Emily will have her salary doubled

    Explanation:

    initial yearly income : $25000 (first year salary)

    yearly increase percentage : 6%

    yearly increase = yearly percentage increase * initial yearly income

    = 6% * $25000

    = 0.06 * $25000

    = $1500

    To double her salary which is $25000 to $50000 we use the rule of 72

    in the rule of 72 you divide 72 by the annual interest rate

    which now become = 72 / 6 = 12 years
  2. 1 April, 06:32
    0
    17 Years

    Explanation:

    Multiply $25,000 and. 06 (6%) your answer should be $1,500. $1,500 goes into $25,000 16.66666~ times. Round it to 17. There's your answer.
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