Question

Suppose you land a job with a starting annual salary of $32,000, and a guaranteed raise of 3% each year.

a. Write an exponential function to represent this situation.
b. What will your annual salary be after 10 years?

Answer 1

Explanation:

1. the required exponential function is

S=1.03ⁿ*32000, where S - salary, n - years;

2. according to the function above, annual salary after 10 years:

S=32000*1.03¹⁰≈43,005.32413901190145568=43005 [USD].