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You land a job as an police officer. Your salary for the 1st year is $43,125. You will receive a 7% increase every year. How much will your salary be at the start of year six?

Respuesta :

Answer:

Salary after 5 year(A) = $60,485 (Approx)

Step-by-step explanation:

Given:

Staring salary(P) = $43,125

Growth rate(r) = 7%

Number of year (n) = (6-1) = 5

Find:

Salary after 5 year(A)

Computation:

[tex]A=P(1+r)^n \\\\ A = 43125(1+0.07)^5 \\\\ A = 60485[/tex]

Salary after 5 year(A) = $60,485 (Approx)

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