Question

Suppose your annual starting salary is $55,183. After working for a few years, you start to get yearly raises. If you get a 0.6% raise a total of 3 times and then a 1.9% raise a total of 6 times, what is your salary after all the raises? Round your answer to the nearest dollar.

Answer 1

The salary after all the increment = $62899.0879

Explanation:

It is given that starting annual salary = $55183

There is given that there are there are three time increment of 0.6 %

So salary after 0.6% increment of 3 times =
`55183* (1+(0.6)/(100))^3` = $56182.2656

After that there is other increment of 1.9 % that is 6 times

So salary after this increment =
`56182.2656* (1+(1.9)/(100))^6=62899.0879`

So the salary after all the increment = $62899.0879