Question

A position at a local company has a starting salary of $15,000. The salary is expected to increase by 5% each year what will the salary be after 5 years?

Answer 1

$19144.22

Explanation:

We are given that

Initial salary=$15,000

Increased per year=5%

We have to find the salary after 5 years

After 1 year salary

=
`15000+(5)/(100)* 15000=`$15750

After 2 year

Salary

=
`15750+(5)/(100)* 15750=`$16537.5

After 3year ,salary

`=16537.5+(5)/(100)* 16537.5`

=$17364.375

After 4 year

Salary=
`17364.375+(5)/(100)*17364.375`

=$18232.59375

After 5 year

Salary

=
`18232.59375+(5)/(100)* 18232.59375`

=$19144.22

After 5 years, the salary will be $19144.22