Question

An employee receives a 2% raise once per year. If the employee initial salary is $78,500.00, what will the employee’s salary be after 10 years

Answer 1

The person above ⬆ is smart

Answer 2

Explanation:

78,500 x 0.02 = 1,570--year 1 raise

(78,500 + 1,570) x 0.02 = 1,601.4--year 2 raise

(78,500 + 1,570+ 1,601.4) x 0.02 = 1,633.428--year 3 raise

(78,500 + 1,570+ 1,601.4+1,633.428) x 0.02 = 1666.1--year 4 raise

(78,500 + 1,570+ 1,601.4+1,633.428+1666.1) x 0.02 = 1699.42--year 5 raise

just keep doing this till you get to year 10 and then add up the total of money gained to the initial salary