Question

Jane earns $36,000 in salary in the first year she works asan interpreter. Each year, she earnsa 4.5% percent raise. Write a function that gives Jane'ssalary in dollars, years after she starts to work as aninterpreter.

Answer 1

Given:

`\begin{gathered} P=\text{ \$}36000 \\ r=4.5\text{ \%}=(4.5)/(100)=0.045 \\ t=number\text{ of years} \end{gathered}`

The function that gives Jane's salary in dollars can be modeled using the compound interest formula;

`\begin{gathered} A=P(1+r)^t \\ \\ where: \\ A\text{ is the amount at the end of every year} \end{gathered}`

`\begin{gathered} A=36000(1+0.045)^t \\ A=36000(1.045)^t \end{gathered}`

Therefore,

`A=36000(1.045)^t`