Frank has taken a job with a starting salary of $15,000 and annual raises of 4%. What will be his salary during his third year on the job?
2006-12-30 08:17:32 · 6 answers · asked by Lawanna D 1 in Science & Mathematics ➔ Mathematics
4% of 15000= 600
600 * 3=1800
1800+15000=16800
2006-12-30 08:24:19 · answer #1 · answered by OK 3 · 0⤊ 2⤋
Ok, every year, he adds 4% of his salary to his salary. So 4% of his salary, which is $15,000 is $600. All you do to get that 600 is 0.04 (which is another way of writing 4%) times 15,000 (his total salary). Ok, now you add the $600 to his total salary, which gives you a total of $15,600. That would he his second year. Now you multiply 0.04 times 15,600 and you get $624 and you add that 624 to the total, so you get $16,224 as his third year salary.
Answer: $16,224
2006-12-30 16:29:45 · answer #2 · answered by ok_go_kid 3 · 0⤊ 1⤋
Since he receives the raise at the end of each year,
this is the same problem as investing $15000
for 2 years at 4% compounded annually.
The answer is 15000(1.04)^2 = 16224.
2006-12-30 16:33:34 · answer #3 · answered by steiner1745 7 · 0⤊ 1⤋
$15000*(1.04)^2=$16,224
it is 1.04^2 not 1.04^3 because the 1st year he makes $15,000. the 2nd $15,000*1.04 & $15,000*1.04*1.04 the 3rd
2006-12-30 16:56:41 · answer #4 · answered by yupchagee 7 · 0⤊ 0⤋
15,000 (.04) equals 15600 (.04) equals 16224
2006-12-30 16:22:40 · answer #5 · answered by Jennifer S 2 · 1⤊ 1⤋
I figured it out on my calaculator. I think it is $16,800. That problem was so simple and easy.
2006-12-30 16:21:12 · answer #6 · answered by ? 1 · 1⤊ 3⤋