If you earn $2900 per month and you expect your earnings to increase by 3.8% per year, how much do you think you will be making in 8 years?
(Express your answer rounded correctly to the nearest cent!)

Question

If you earn $2900 per month and you expect your earnings to increase by 3.8% per year, how much do you think you will be making in 8 years? 
(Express your answer rounded correctly to the nearest cent!)

wolf1728 · Answer

Well 2,900 per month equals $34,800 per year.
Salary = 34,800 * (1.038)^n where n = # of years

After 8 years
Salary = 34,800 * (1.038)^8
Salary = 34,800 * 1.3476553139
Salary = 46,898.40

hermom1967 · Answer

And then divide $46,898.40 by 12 months to get your monthly salary

wolf1728 · Answer

Actually, it says "how much do you think you'll be making in 8 years" - It doesn't state whether it's monthly or annually.