Raymond B. answered 02/15/23
Math, microeconomics or criminal justice
11.4=7.1(1+r)^7
11.4/7.1=(1+r)^7
r=-1+(11.4/7.1)^(1/7)=about 7% annual raise
S=11.4(1.07)^9
= about $20.96 in 9 more years
Alex M.
asked 02/15/23Objective 3.4 - Evaluate Exponential
The hourly wage of some automobile plan workers went from $7.10 to $11.40
in 7 years (annual raises).
If their wages are growing exponentially what will be their hourly wage in 9 more years?
round to (nearest $0.10)
Raymond B. answered 02/15/23
Math, microeconomics or criminal justice
11.4=7.1(1+r)^7
11.4/7.1=(1+r)^7
r=-1+(11.4/7.1)^(1/7)=about 7% annual raise
S=11.4(1.07)^9
= about $20.96 in 9 more years
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