SOLUTION: You earn $15.00 per hour at your job. If you get a 15% raise at the end of each year, what will your hourly rate, h, be after 6 years?

SOLUTION: You earn $15.00 per hour at your job. If you get a 15% raise at the end of each year, what will your hourly rate, h, be after 6 years?

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Question 985506: You earn $15.00 per hour at your job. If you get a 15% raise at the end of each year, what will your hourly rate, h, be after 6 years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po{1+0.15}^6; 1.15^6=2.31.
Without rounding until the end, the rate will be $34.70/hr after 6 years.
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