Question

Malik starts a job at which his starting salary is

$25,500 per year. He expects that his salary will
increase by a constant dollar amount annually. In
12 years, his salary will be double his starting salary.
Assuming salary increases take place only at the
end of a full year, how many years must Malik wait
until his salary is at least $40,000 annually?

Answer 1

9514 1404 393

Answer:

7 years

Explanation:

Malik's salary grows 25,500 in 12 years, so at the rate of ...

$25,500/(12 yr) = $2125/yr

To get his salary up to 40,000, it must grow by ...

40,000 -25,500 = 14,500

To grow that much will take ...

$14,500/($2125/yr) ≈ 6.82 yr

Malik must wait 7 years until his salary is at least $40,000.

_____

At the end of the 7th year, Malik's salary will be raised to ...

$25,500 + 7·2,125 = $40,375