Question

Use the formula S = 40,000 (1.06)t to calculate your salary after 4 years. Round your answer to the nearest dollar.

a. $42,400


b. $44,944


c. $47,641


d. $50,499

Answer 1

d. $50,499

Explanation:

Given:

S = 40,000 (1.06)^t

Where,

t=4 years

S=40,000(1.06)^4

=40,000(1.26247696)

=50,499.0784

To the nearest dollar

S=$50,499

The answer is d. $50,499