Question

Every year your salary increases 6%. If your annual salary this year is $30,000, what is your projected approximate salary five years from now?

Answer 1

Is the equation set up like this: 0.6 * 30000 * 5

Answer 2

40,146

Answer 3

And no the equation is not set up like that because if you do times five it will be way off

Answer 4

A trick is to do 1.06 instead because the answer includes the total

Answer 5

sorry...I put up the wrong question...it's similar though.

Every year your salary increases 5%. If your annual salary this year is $20,000, what is your projected approximate salary five years from now?
26422
$25000
$25526
$21000

Answer 6

Do what I said, do 20,000*1.05 five times

Answer 7

okay. I forgot the type of formula or way you do these problems. the answer i came up with is 21000

Answer 8

is that the final answer? what about the five years?

Answer 9

No, do what i wrote, 1.05*20,000, do that and then when you get the answer do *1.05

Answer 10

Each time you multiply it it is one more year

Answer 11

So do it five times

Answer 12

I did do what you said one time. So....20,000 * 1.05 * 1.05 * 1.05 * 1.05 * 1.05

Answer 13

Yes, and what is that?

Answer 14

25525.63125

Answer 15

Yes, and round up

Answer 16

so 25526

Answer 17

Yep! :)

Answer 18

thanks John!

Answer 19

Sure :)

Answer 20

Bye :), glad I could help

Answer 21

bye