Question

Ms. Acosta received a job as a teacher with a starting salary of $34,000. According to her contact, she will receive a 1.5% increase in her salary every year. How much will Ms. Acosta earn in 7 years

Answer 1

The total amount that Ms. Acosta will earn in 7 years will be given by:
A=P(1+r/100)^n
where:
P=principles
r=rate
n=time
From the information given:
P=$34000, r=1.5%, n=7
thus
A=34000(1+1.5/100)67
A=$37,734.73