kevin started his new job with a salaryof $26,550. every year, he recieves a 3.1% increase in his salary. write and use a continuous exponen

Question

kevin started his new job with a salaryof $26,550. every year, he recieves a 3.1% increase in his salary. write and use a continuous exponential growth to find his salary after 20 years?
its $48892.00

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Claire 4 months 2021-10-14T04:21:13+00:00 1 Answer 0 views 0

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    2021-10-14T04:22:41+00:00

    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 : y(t)=y_0(1+r)^t

    Where y(t)= Amount after t years

    y_0 = initial amount = 26550

    r = rate of increase in decimals = \frac{3.1}{100}

    t = time =20

    we are supposed to find his salary after 20 years

    Substitute the values in the formula :

    Salary after 20 years = 26500(1+\frac{3.1}{100})^{20}=48892.00

    Hence His salary after 20 years is $48892

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