Answer:
His salary after 20 years is $48892
Step-by-step explanation:
Kevin started his new job with a salary of $26,550.
We are also given that every year, he receives a 3.1% increase in his salary
So, rate of increase = 3.1%
Formula : [tex]y(t)=y_0(1+r)^t[/tex]
Where y(t)= Amount after t years
[tex]y_0[/tex] = initial amount = 26550
r = rate of increase in decimals = [tex]\frac{3.1}{100}[/tex]
t = time =20
we are supposed to find his salary after 20 years
Substitute the values in the formula :
Salary after 20 years = [tex]26500(1+\frac{3.1}{100})^{20}=48892.00[/tex]
Hence His salary after 20 years is $48892
