Question

An employee receives a 2% raise once per year. If the employee's initial salary is $69,400.00, what will the employee's salary be after 17 years?

Please put in answers with no commas and round to 2 decimal places.

Answer 1

Explanation:

first fine 2% of the initial salary since he is paid that every year

2/100×69400=2×694=1388

so for 17 years = 1388×17

=23596