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A company offers you a position with a starting salary of $\$ 45,000$ per year with a $3 \%$ increase each year. What will be your salary in (a) 5 years,(b) 15 years?

(a) $\$ 52,167.33$(b) $\$ 70,108.53$

Algebra

Chapter 4

Exponential and Logarithmic Functions

Section 2

Exponential Functions

Campbell University

Oregon State University

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02:28

Suppose your salary is $\$…

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01:27

Salary. Suppose your salar…

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If you have been hired at…

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If you have been hired at …

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Salary Increases If you ha…

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01:34

Salary A person accepts a …

01:25

You are offered a job that…

So if you want to find this salary after five and 15 years given increases 3% each year, we could go ahead at first. Just fill up this equation here and then plug in five and 15. So in this case, R P not is going to be our initial salary, and then our our is going to be how much it's increasing each year. But we need to write as a decimal. So are is going to be 0.3 and then our salary is 45,000. So we have P T is equal to 45,000 times one plus 0.3 raised to the teeth, and that would give us 1.3 races. The team like that. Now we can just come over here plug and five. And if we plug that into a calculator, we should end up getting, uh, something. Around 52,000, 167 point 33 are 52,000 $167.33. So something around that and then over here we can do the same thing. But now we're going to plug in 15 instead. So well again, all of this into a calculator should give us something around 70,108 $0.53 so those would be ar two salaries after those given time periods.

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