Question

use the formula to estimate the average annual salary of Ohio employees in 2002 round to the second decimal place

Answer 1

If we start from the given formula to find the average annual salary of Ohio employees in 2002, first we need to find the value of t for 2002. From the statement of the question, we know that, for 2002, we have:

`\begin{gathered} t=2002-2000 \\ t=2 \end{gathered}`

Substituting this value in the formula, we have:

`\begin{gathered} A=37,789*(1+0.024)^2 \\ A=37,789*1.0024^2 \\ A=37,789*1.00480576 \\ A=37,970.60486464 \end{gathered}`

Now we can round it to the second decimal please:

`A=37,789.60`