Question

You earn $20.00 per hour at your job. If you get a 10% raise at the end of each year, what will your hourly rate, h, be after 8 years? Use the equation h=C(1+r)^t, where C is the beginning hourly rate, r is the growth rate, and t is time in years.

A. $36.00
B. $22.00
C. $47.27
D. $42.87

Answer 1

r is the rate (10%)
C=20, begiing rate
T=time=8

so

h=20(1+0.10)^8
h=20(1.1)^8
h=42.8718
ronnd

$42.87


D is answer