Answer:
$8.5
Step-by-step explanation:
I think your question is missed of key information, allow me to add in and hope it will fit the original one.
Dave also starts a new job, but his hourly pay starts at $7.25. Suppose that he gets a 40¢-per-hour raise each year.
What will Vicky’s hourly pay be in 3 years
My answer:
Given:
- Rate per hour: $7.25.
- Hour raise each year: 40¢-
=> the percentage of rate increasing:
(40¢ / $7.25)*100%
= (40¢ / 7.25*100¢)*100%
= 5.5%
What will Vicky’s hourly pay be in 3 years
This is a compound growth problem. The formula is:
[tex]F=P(1+r)^t[/tex]
<=> F = [tex]=7.25(1+0.055)^3[/tex]
<=> F = $8.5
So the rate after three years is $8.5
Hope it will find you well.
