## Mr. Santiago received a job with an annual salary of \$51,000. He will receive a 1.5% increase every year. How much will Mr. Santiago make in

Question

Mr. Santiago received a job with an annual salary of \$51,000. He will receive a 1.5% increase every year. How much will Mr. Santiago make in 3 years
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4 months 2022-01-07T00:23:08+00:00 2 Answers 0 views 0

53329.60

Step-by-step explanation:

year one: 51000*1.015 = 51765

year two: 51765*1.015 = 52541.48

year three: 52541.48*1.015 = 53329.60

1.015 means 100 % + 1.5% = 101.5% = 1.015

He will make  \$53,330

Step-by-step explanation:

In this question, we are tasked with calculating how much Mr Santiago will make in three years.

To calculate the future value of his earnings, we can use the formula for the future value of the salary

Mathematically, the FV = I(1 + r)^t

Where I is the initial amount of \$51,000

r is the interest rate which is 1.5% = 1.5/100 = 0.015

t is the time in years which is 3 years

We plug these values into the equation above;

FV = 51,000(1+0.015)^3

FV = 51000(1.015)^3

FV = 53,329.59 which is \$53,330 to the nearest whole dollars