SOLUTION: Justin is considering two job offers. In both cases, he will earn $47,500 for his first year of work. Kaley�s is willing to offer annual pay raises of 4% each year. Hareway is wil

Question 1103162: Justin is considering two job offers. In both cases, he will earn $47,500 for his first year of work. Kaley�s is willing to offer annual pay raises of 4% each year. Hareway is willing to offer a raise of $1500 each year. Which job will pay better for the 4th year? How much more?
Thank you!
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
47,500(1.04)^3, for the fourth year three raises $53,431.04
47,500+3(1500)=$52,000.
There is a difference of $1431.04 more in the first one with a 4% annual raise

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