Question

Kevin started his new job with a salaryof $26,550. every year, he recieves a 3.1% increase in his salary. write and use a continuous exponential growth to find his salary after 20 years?

its $48892.00

Answer 1

His salary after 20 years is $48892

Explanation:

Kevin started his new job with a salary of $26,550.

We are also given that every year, he receives a 3.1% increase in his salary

So, rate of increase = 3.1%

Formula :
`y(t)=y_0(1+r)^t`

Where y(t)= Amount after t years

`y_0` = initial amount = 26550

r = rate of increase in decimals =
`(3.1)/(100)`

t = time =20

we are supposed to find his salary after 20 years

Substitute the values in the formula :

Salary after 20 years =
`26500(1+(3.1)/(100))^(20)=48892.00`

Hence His salary after 20 years is $48892