Alex accepted a job as a veterinarian that pays a salary of $78,500 in the first year. After the first year, his salary increased by 1.5% per year.

Alex works for the vet clinic for 10 years. What is the total of his earnings over the 10 years?

Round your answer to the nearest hundredth

$ = _______

let's consider the fact that Alex worked for the vet for 10 years. First year is off with $78,500 since that was his first payment, now there are nine years left. With some math operations we find that 1,5% in this problem is equal to 1.177,5$. So if we take that number and put it together with Alexs' first payment we get from now and on his yearly pay, which is $79.677,5. At last we take that number multiply it by 9 and add all the numbers together (78,500+79.677,5(×9)= 795.597,5)

HafsaM HafsaM · Answer 2 · 2022-06-15T08:44:14+02:00

The total of his earnings over the 10 years is $236677.5.

What is interest rate?

The percentage increase formula is used to compare the growth in a quantity from the initial value to its final value, over a period of time.

Given

P = $78,500

Interest rate = 1.5 %

Time t = 10 years

Total earning = P[tex](1+\frac{r}{100} )^{t}[/tex]

A = 78500[tex](1+\frac{1.5}{100} )^{t}[/tex]

A = 78500[tex](\frac{1015}{100} )^{10}[/tex]

A = 78500[tex](\frac{230}{200} )^{10}[/tex]

A = $236677.5

Hence, the total of his earnings over the 10 years is $236677.5.

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Alex accepted a job as a veterinarian that pays a salary of $78,500 in the first year. After the first year, his salary increased by 1.5% per year. Alex works for the vet clinic for 10 years. What is the total of his earnings over the 10 years? Round your answer to the nearest hundredth $ = _______

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What is interest rate?

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