Question

Ms Acosta received a job as a teacher with a starting salary of $34,000 according to her contract she will receive a 1.5% increase in her salary every year how much will mas Acosta earn in 7 years

Answer 1

Answer: In 7 years, Ms Acosta will earn $37,734.7

Explanation:

From the information given, we find the increase using exponential growth formula

A= P(1+r)^t

Where p= the starting amount on the contract, given as $34000

r = rate, given at 1.5% = 1.5/100 = 0.015

t = time, given as 7years

Plug the values into the formula:

A = 34000(1 + 0.015) ^7

= 34000 (1.015)^7

34000 x 1.1098

A= $37,734.7

In 7 years, Ms Acosta will earn $37,734.7.