The starting salary at a company is $38,000 per year. The company automatically gives a raise of 3.5% per year. How much money will you make after ten years with the company?

Answer 1

Greetings! Lets solve this shall we?

Let the initial salary be 38,000 dollars per year. Let the rate be equal to the decimal 0.035. We now multiply the salary with the rate as 38,000(0.035) = $1,330. So, you get a raise of 1,330 every year! How much will you be making after 10 years?

Then, we multiply the $1,330 by 10 years to get $13,300!

Finally, after 10 years we add 13,300 to 38,000 to get 51,300 per year!

I hope this helped!