SOLUTION: Hi guys, hope you can help me with this problem. I tried to figure it out by myself but I am completely lost. Here it is: Kenneth recently started a new job. His starting gross

Question 55341: Hi guys, hope you can help me with this problem. I tried to figure it out by myself but I am completely lost. Here it is:
Kenneth recently started a new job. His starting gross monthly salary is $3200. Each year, on the anniversary of his starting date, Kenneth is promised a 7% raise.
A.If Kenneth works for 5 years, what was his gross annual income in his fifth year at work?
B.What is the minimum of years Kenneth will have to work to earn a gross annual income of at least $60000?
Thanks in advanced!!!

Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
3200*(1.07)^5=3200*1.40
3200*1.40=$4480 SALARY AFTER 5 YEARS.
3200(1.07}^X>=60000
1.07^X>=60000/3200
1.07^X>=18.75
X=44 YEARS TO GET >=$60,000 ANNUAL SALARY

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