A college graduate expects to earn a salary of 60000 during the first year after graduation and receive a 4% raise every year after that what is the total income he will have received after ten years?
Accepted Solution
A:
So, there is an exponential growth formula you use.First, write the initial cost which is 60,000Then write 1+ the percentage of growth rate which is 0.04 percent. Then, right the time as an exponent after certain amount of years.60,000(1+0.04)^1060,000(1.04)^10Plug this in a calculatorit should be 88814.6571I hope this helps.