Question

MEDAL AND FAN!!!!!
Geraldo’s current salary is $40,000 per year. His annual pay raise is always a percent of his salary at the time. What would his salary be if he got four consecutive 4% increases?
a.
$46,794.34
c.
$43,328.04
b.
$52,697.23
d.
$62,156.12

Answer 1

@ganeshie8

Answer 2

@dan815

Answer 3

\[P(t)=M*(1+i)^t\]
\[M=40,000\\i=4\%=0.04\\t=4\]
\[P(t)=40,000*(1+0.04)^t\]
\[P(4)=40,000*(1.04)^4\]
\[\boxed{P(4)=46,794.34}\]

Answer 4

thanks

Answer 5

You're welcome ;)