You can
put this solution on YOUR website!$55,000 times 0.20 = $11,000
So, every year, he gets $11,000 raise.
55,000 + 11,000 = $66,000--->first year
$66,000 + 11,000 = $77,000--->second year
Continue this pattern until reaching the 10th year to find your answer.
Can you take it from here?
You can
put this solution on YOUR website!please show me how to solve this word problem:
My dad earns $55000 a year. if he get a 20% annual raise for each year how much money will he have after 10 years assuming not spending any of his sallary?
Since your dad's salary increases at 20% each year, then his annual salary increases exponentially
An increase of 20% signifies that each year, his salary becomes 120%, or 1.2 of what it was the previous year, which makes the multiplying factor 1.2, with the exponent being the year that is being sought
This calculates to the following equation:
Salary at end of 10 years =
Salary at end of 10 years =
Therefore, salary at end of 10 years = $
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