SOLUTION: Each year Darlene received a 20 percent salary increase over what she had been paid the year before. She worked for the company for 3 full years. If her total salary for three ye

Question 538550:
Each year Darlene received a 20 percent salary increase over what she had been paid the year before. She worked for the company for 3 full years. If her total salary for three years was $29,120, how much did she make the first year?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Each year Darlene received a 20 percent salary increase over what she had been paid the year before.
She worked for the company for 3 full years.
If her total salary for three years was $29,120, how much did she make the first year?
:
Let x = salary paid the 1st year
use the compound interest equation
x*(1.2)^3 = 29120
1.728x = 29120
x =
x = 16,851.85, the first year
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