Help please?

Question

A person's annual salary starts out at $20000.

In scenario 2 the person receives an annual raise of 5%.
What is her annual salary after 9 years?
After 27 years?


Thank you

Answer 1

If you get a 5% raise every year, then next year's salary is equal to this year's salay * 1.05. The year after's salary is this year's salary * 1.05^2, and so on. So, after 9 years, the salary is $20,000 * 1.05^9, or $20,000 * 1.55, or $31,026.

After 27 years, the salary is $20,000 * 1.05^27, or $20,000 * 3.73, or $74669.

Answer 2

20000

after 9 years 30,870.

after 27 years 75,021.