SOLUTION: PLEASE HELP ....... ! Geraldo's current salary is $40,000 per year. His annual pay raise is always a percent of his salary at the time. What would his salary be if he got four c

Question 478242: PLEASE HELP ....... !
Geraldo's current salary is $40,000 per year. His annual pay raise is always a percent of his salary at the time. What would his salary be if he got four consecutive 4% increases? Round any decimals to the nearest cents.
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Geraldo's current salary is $40,000 per year. His annual pay raise is always a percent of his salary at the time.
What would his salary be if he got four consecutive 4% increases?
Round any decimals to the nearest cents.
:
Use the formula: A = P*
where
A = accumulated amt after t yrs
P = principal
r = interest rate in decimals
n = no. of compounding times per year
t = time in yrs
Since this is an annual raise, we can write it
A =
A =
A =
using a calc we get
A = $46,794.34 after 4 yrs with an annual 4% raise
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