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30 December, 19:15

Ms. Acosta received a job as a teacher with a starting salary of $34,000. According to her contact, she will receive a 1.5% increase in her salary every year. How much will Ms. Acosta earn in 7 years

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  1. 30 December, 20:57
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    The total amount that Ms. Acosta will earn in 7 years will be given by:

    A=P (1+r/100) ^n

    where:

    P=principles

    r=rate

    n=time

    From the information given:

    P=$34000, r=1.5%, n=7

    thus

    A=34000 (1+1.5/100) 67

    A=$37,734.73
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