SOLUTION: here is the question..... the starting salary for a first year teacher is 25700. each year the salary increases by 3% step and a 2.25% cost of living adjustment. how many years wil

Question 144631: here is the question..... the starting salary for a first year teacher is 25700. each year the salary increases by 3% step and a 2.25% cost of living adjustment. how many years will it take for this teacher to make at least 40000 per year?.... that is the question but im just not sure how to set it up because there are two % ? if you can help that would be great thank you!
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
the starting salary for a first year teacher is 25700. each year the salary increases by 3% step and a 2.25% cost of living adjustment. how many years will it take for this teacher to make at least 40000 per year?.... that is the question but im just not sure how to set it up because there are two % ?
-------------------------
40000 = 25700(1+0.0525)^t
1.5564 = 1.0525^t
t = [log1.5564]/[log1.0525]
t= 8.646 years
==================
Cheers,
Stan H.
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