I need the solution please

Question

A worker's contract states that the hourly wage will start at $6.50 and will increase by r=5�=5% annually, with the raise given every 12 months.

The hourly wage can be modeled by the exponential formula S=P(1+r\n)nt(1+r\n), where S is the future value, P is the present value, r is the (nominal) yearly rate of increase, n is the number of times each year that the wage is increased, and t is the time in years.

(A) What values should be used for P, r, and n?

P= ,  r= ,  n= 

(B) The final hourly wage in 88 years will equal which dollar amount?

Answer = $ .

Round answer to the nearest penny.

Answer 1

P = $6.50

r = 0.05

n = 1

t = 88

Can you substitute into formula, calculate, and answer?