Respuesta :
Her annual salary after 8 years will be $57,600.
What is the percentage?
- A percentage is a figure or ratio stated as a fraction of 100 in mathematics.
- It is frequently symbolized with the percent sign, " %".
- A % is a number with no dimensions; it has no unit of measurement.
To find what is her annual salary, to the nearest $100, after 8 years of service:
Find 4% of 45,000
[tex]\frac{x}{45000} *100=4\\\frac{x}{450} =4\\x =1800[/tex]
So, 4% of $45,000 of $1800.
1st year = $45000
2nd year = 45000 + 1800 = $46800
3rd year = 46800 + 1800 = $48600
4th year = 48600 + 1800 = $50400
5th year = 50400 + 1800 = $52200
6th year = 52200 + 1800 = $54000
7th year = 54000 + 1800 = $55800
8th year = 55800 + 1800 = $57600
Therefore, her annual salary after 8 years will be $57,600.
Know more about percentages here:
https://brainly.com/question/24304697
#SPJ4
The salary of Sonya after 8 years will be $61,600 (nearest $100).
What is compound interest?
The interest on the a loan or deposit that is calculated using the both initial principal as well as the accrued interest from prior periods is known as compound interest (sometimes known as compounding interest).
Some features of compounding are-
- Compound interest is calculated just on initial principal of a deposit or loan, which also takes into account all of the interest accrued from prior periods.
- The yearly interest rate is raised to a number of compounded periods minus one, and the starting principal amount is multiplied by both of these factors.
- The frequency plan for compounding interest can be set to be continuous, daily, or yearly.
- The quantity of compounding periods has a bigl impact on compound interest calculations.
Calculation for the amount after 8 years-
The principal amount is $45,000
Rate of interest is 4% per year.
Time duration is 8 years.
The formula for total amount after compounding is -
[tex]A=P\left(1+\frac{r}{n}\right)^{n t}[/tex]
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period.
t = number of time periods elapsed.
As the rate of interest is applied only one in a year ; n = 1.
Substitute the values in the formula to get the value.
[tex]A=45,000\left(1+\frac{.04}{1}\right)^{8}\\A=45,000\left(1.04}\right)^{8}\\\\A=61585.60[/tex]
Therefore, the salary of Sonya will be $61600 (nearest $100) after 8 years.
To know more about compound interest, here
https://brainly.com/question/20406888
#SPJ4
