a basketball player signs a contract with a starting salary of $850,000 per year and an annual increase of 4.5% beginning the second year. What will the athlete's salary be in the sixth year?

Question

a basketball player signs a contract with a starting salary of $850,000 per year and an annual increase of 4.5%  beginning the second year. What will the athlete's salary be in the sixth year?

anonymous · Answer

the point of these problems is to get you to understand how to do it on your graphing calculator.

anonymous · Answer

Irawrd is right, but can it can be done algebraically.  Percent is out of 100 so 4.5%= .045  You could multiply 850000 x .045 = 38250+850000= 888250 x .045 =39971.25 + 888250 = 928221.25 and on and on to six times.  That's the hard way.  The easy way is to just put it in the graphing calculator.