Question

You earn $21.00 per hour at your job. If you get a 9% raise at the end of each year, what will your hourly rate, h, be after 5 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.
$30.45
B.
$32.31
C.
$34.70
D.
$40.00

Answer 1

Hi there:)
The answer is according to your equation
H=21×(1+0.09)^(5)
H=32.31

Hope it helps

Answer 2

Option B $32.31 per hour

Explanation:

I earn $21 per hour at my job. If i get a hike of 9% raise at the end of each year then i have to calculate the my hourly rate h, after 5 years.

Since the given equation is
`h = C(1+r)^(t)`

where C is the beginning hourly rate = $21 per hour

r = growth rate = 9%

t = time in years = 5 years

By putting these values in the formula

`h=21(1+.09)^(5)`

`h=21(1.09)^(5)`

h = 21×1.5386 = $32.31 per hour

Therefore option B. $32.31 per hour is the answer.