Question

Using the starting salary data from able 3.3, and assuming an annual increase at the current cost of living (currently about 2%), calculate what you could expect to receive as a starting salary in your chosen field of study if you graduate three years from now.
Bachelor’s Degrees Bioengineering / Biomedical$47,300

Answer 1

to increase x by 2% you do x+ 2% * x
2% is 2/100 = 0.02
so this is the same as x+ 0.02x
or (factor x out) x(1+0.02) = x*1.02
that is for 1 year

to increase by 2% for 3 years do
x* (1.02)^3

in this case, use 47,300 for x:

47300 * (1.02)^3

Answer 2

thank you