Mochi22 Mochi22

20-04-2021
Mathematics

contestada

The starting salary of a starting teacher is $40,000, which will increase by 2% each year.

What would this teacher’s salary be after 8 years of teaching round to the nearest dollar.

Respuesta :

altavistard altavistard

21-04-2021

Answer:

$46,866

Step-by-step explanation:

Use the compound amount equation A = P(1 + r)^t, where r is the annual interest as a decimal fraction.

Here we have A = ($40,000)(1 + 0.02)^8, or

A = A = ($40,000)(1.02)^8 = $46,866

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