Mary worked for a certain company for 4 years. at the end of each year, her salary was raised by 10%. if her starting salary was $30,000 per year, what was her salary after the fourth raise?

Question

Mathematics

Easton Bennett

9 June, 07:05

Mary worked for a certain company for 4 years. at the end of each year, her salary was raised by 10%. if her starting salary was $30,000 per year, what was her salary after the fourth raise?

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Answers (1)

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Fernando Figueroa · Answer 1

A = $42,000.00

(I = A - P = $12,000.00)

Equation:

A = P (1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 10%/100 = 0.1 per year.

Solving our equation:

A = 30000 (1 + (0.1 * 4)) = 42000

A = $42,000.00