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Today, you earn a salary of $31,000. What will be your annual salary ten years from now if you receive annual raises of 2.2 percent

Respuesta :

Answer:

Salary 10 years from now = $38,536.36

Explanation:

given data

Current salary = $31,000

Growth rate = 2.20%  = 0.022

time = 10 year

solution

we get here Salary 10 years from now will be express as

Salary 10 years from now = Current salary ×  [tex](1+growth\ period)^{time}[/tex]  ...................1

put here value we get

Salary 10 years from now = $31,000  ×   [tex](1+0.022)^{10}[/tex]

Salary 10 years from now = $31,000 × 1.2431

Salary 10 years from now = $38,536.36

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