Question

if your starting salary were 40,000 and yiur received a 3% increase at the end of every year what would he your total dollar amount at the end of 16 years

Answer 1

`\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{current amount}\\ P=\textit{original amount deposited}\to &\$40,000\\ r=rate\to 3\%\to (3)/(100)\to &0.03\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{end of every year, once} \end{array}\to &1\\ t=years\to &16 \end{cases}`