Based on the amount that the member's income will be raised, the salary of a member in 9 years would be $135,430.95.
What would be the union member's salary in 9 years?
This can be found by the formula:
= Current income x ( 1 + rate) ^ number of years
Solving gives:
= 87,300 x ( 1 + 5%)⁹
= 87,300 x 1.05⁹
= $135,430.95
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