Miles recently graduated from the University of Florida excepted a job as a forestry consultant. The starting salary is $40,000 and has a guaranteed annual pay increase of 4% each yea. The equation y=40,000(1+0.04)^x models the increase in salary overtime, where X is the number of years and why is Miles salary. The graph of y is miles salary. The graph if y=40,000(1+0.04)^x is shown.