document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=111632>Question 111632</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hi.\r<BR>\n" );
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document.write( "I am trying to solve this problem but am confused, because doesn't the 5% change each year as his pay increases each year?  Can you help me with a formula?\r<BR>\n" );
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document.write( "Joe's career started at age 20, earning $10,000 per year.  He received a 5% raise each year and now is retiring at age 52.  Show how much Joe will receive each month is his retirement program pays him 75%  of the final monthly salary.\r<BR>\n" );
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document.write( "Thanks for your help!  And Happy Thanksgiving! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #81422 by </B><A HREF=/tutors/aboutme.mpl?userid=checkley71><B>checkley71(8403)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=checkley71><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=81422\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> THE FORMULA IS PRINCIPAL(1+RATE)^(NUMBER OF YEARS)<BR>\n" );
document.write( "P(1+.05)^32 THE 32 IS THE NUMBER OF YEARS (52-20=32)<BR>\n" );
document.write( "10,000(1+.05)^32=$47,649.41 WOULD BE HIS SALARY AFTER 32 YEARS.<BR>\n" );
document.write( ".75*47,649.41=$35,737.06 WOULD BE HIS RETIREMENT PAYMENT. </SPAN>\n" );
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