Question

Suppose that a new employee starts working at $7.72 per hour and receives a 4% raise each year. After time t, in years, his hourly wage is given by the equation y=$7.72(1.04)t. Find the amount of time after which he will be earning $10.00 per hour.

Answer 1

6.5978 years

Explanation:

y=7.72(1.04)^t

10=7.72(1.04)^t

1.04^t=1.2953367875647668

log 1.04^t=log 1.2953367875647668

t log 1.04=log 1.2953367875647668

t=6.5978 years .............