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26 February, 14:03

The salary of an employee is 500$. Knowing that the annual raise of salary is 10 %. then his salary after 2 years is

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Answers (2)
  1. 26 February, 14:14
    0
    using the formula of compound interest:

    500 * (1 + (10/100) ^2

    500 = money

    1 = interest, so the multiplier has to be above 1

    10/100 = 0.10 + 1 = 1.1 = multiplier

    ^2 = years

    then we get

    500 * (1.1) ^2

    1.1^2 = 1.21

    =605
  2. 26 February, 17:15
    0
    The answer is 605 dollars. I could be wrong.
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