SOLUTION: Good Evening, I could use a little help with how to solve for a and b. Please help with the following problem: Suppose you are offered two jobs. One pays $30,000 the first year

Question 131603: Good Evening, I could use a little help with how to solve for a and b. Please help with the following problem:
Suppose you are offered two jobs. One pays $30,000 the first year with annual raises of $2000 each year. The second offers a starting salary of $27,000 and raises 8% each year. At the end of ten years, what would your yearly salary be from (a) first job? (b) second job?
Thank you so very much
Denise
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose you are offered two jobs. One pays $30,000 the first year with annual raises of $2000 each year. The second offers a starting salary of $27,000 and raises 8% each year. At the end of ten years, what would your yearly salary be from
(a) first job?
EQUATION:
salary = 30000 + 2000x, where x is the number of years after the 1st>
s(9) = 30,000 = 2000*9 = $48,000
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(b) second job?
EQUATION:
salary = 27000*(1+0.08)^x where x is the number of years of work.
s(10) = 27000(1.08)^9 = $53,973.12
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Cheers,
Stan H.

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