The total amount will be $889123 after 16 years if the starting salary is $350000
It is defined as the function that rapidly increases and the value of the exponential function is always positive. It denotes with exponent [tex]y = a^x[/tex]
where a is a constant and a>1
We have:
Starting salary is $350000 and you receive a 6% increase at the end of every year.
We can find the total amount, from the exponential formula:
T = a(1 + r)ⁿ
T is the total amount
a is the starting amount
r is the rate
n is the total number of years
T = 350000(1 + 6%)¹⁶
T = 350000(1 + 0.06)¹⁶
T = 889123.08 ≈ $889123
Thus, the total amount will be $889123 after 16 years if the starting salary is $350000
Learn more about the exponential function here:
brainly.com/question/11487261
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