Question

Emily got a new job that guarantees her a 8% raise every year. If she started out making $25,000, how long will it be before she doubles her current salary?

Answer 1

Answer: 12 1/2 years

Explanation:

If the salary doubling in currency, it would need a 100% raise. Simply divide 100% by 8% to get the number of years needed.

100 / 8 = 12.5 or 12 1/2

8% of 25,000 = 2,000

25,000 / 2,000 = 12.5 or 12 1/2