Question

You land a job as an police officer. Your salary for the 1st year is $43,125. You will receive a 7% increase every year. How much will your salary be at the start of year six?

Answer 1

Salary after 5 year(A) = $60,485 (Approx)

Explanation:

Given:

Staring salary(P) = $43,125

Growth rate(r) = 7%

Number of year (n) = (6-1) = 5

Find:

Salary after 5 year(A)

Computation:

`A=P(1+r)^n \\\\ A = 43125(1+0.07)^5 \\\\ A = 60485`

Salary after 5 year(A) = $60,485 (Approx)