Question

Dave also starts a new job, but his hourly pay starts at $7.25. Suppose that he gets a 40¢-per-hour raise each year.

Answer 1

$8.5

Explanation:

I think your question is missed of key information, allow me to add in and hope it will fit the original one.

Dave also starts a new job, but his hourly pay starts at $7.25. Suppose that he gets a 40¢-per-hour raise each year. What will Vicky’s hourly pay be in 3 years

My answer:

Given:

• Rate per hour: $7.25.
• Hour raise each year: 40¢-

=> the percentage of rate increasing:

(40¢ / $7.25)*100%

= (40¢ / 7.25*100¢)*100%

= 5.5%

What will Vicky’s hourly pay be in 3 years

This is a compound growth problem. The formula is:

`F=P(1+r)^t`

<=> F =
`=7.25(1+0.055)^3`

<=> F = $8.5

So the rate after three years is $8.5

Hope it will find you well.