Question

You earn $15.00 per hour at your job. If you get a 15% raise at the end of each year, what will your hourly rate, h, be after 6 years? Use the equation 2003-20-05-00-00_files/i0060000.jpg, where C is the beginning hourly rate, r is the growth rate, and t is time in years.

Answer 1

After 6 years, the hourly rate should be 34.69 (or something around that since you may want to round)

Answer 2

After 6 years hourly rate would be $34.70

Explanation:

You earn $15.00 per hour at your job. You get a 15% raise at the end of each year. To calculate after 6 year your hourly rate we will use the formula :

`A=C(1+(r)/(n))^(nt)`

where C = beginning hourly rate ($15.00)

r = growth rate (15%)

n = number of time of increase in one year (1)

t = years (6)

Now we put the values in formula

`A=15(1+(0.15)/(1))^((1)(6))`

`A=15(1+0.15)^(6)`

`A=15(1.15)^(6)`

A = 15 × 2.3130607656

A = 34.6959114844 rounded to $34.70.

After 6 years hourly rate would be $34.70