The equation s=p(1+r)^t can be used to model a person’s future income. S = future salary, p = current salary, r = rate of increase(% in decimal form), and t = time in years. Bob’s salary increases by 5% each year. If he starts at $35,000 per year, what will his salary be in 5 years?

Question

anonymous · Answer

35,000(1.05)^5 = $44,669.85

anonymous · Answer

Just plug the numbers into the formula just like I did, then use a calculator to find the value of 35000(1.05)^5.

anonymous · Answer

Unfortunately, in today's times, people's salaries dont increase by 5% yearly. Today, people have to be thanful they have a job.

anonymous · Answer

Your welcome.