Ms. Acosta received a job as a teacher with a starting salary of $34,000. According to her contact, she will receive a 1.5% increase in her salary every year. How much will Ms. Acosta earn in 7 years

Question

Mathematics

Brice Howard

13 February, 19:23

Ms. Acosta received a job as a teacher with a starting salary of $34,000. According to her contact, she will receive a 1.5% increase in her salary every year. How much will Ms. Acosta earn in 7 years

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Answers (1)

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Litzy Ashley · Answer 1

The total amount that Ms. Acosta will earn in 7 years will be given by:

A=P (1+r/100) ^n

where:

P=principles

r=rate

n=time

From the information given:

P=$34000, r=1.5%, n=7

thus

A=34000 (1+1.5/100) 67

A=$37,734.73