document.write( "Question 1187148: An employee joined a company in 1987 with starting salary of 50,000. Every year this employee receive a raise of 1000 plus 5% of the previous year. Then find
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document.write( "A) recurrence relation for salary of this employee n years after 1987
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document.write( "B) find explicit formula for the salary of this employee n years after 1987
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document.write( "C) what is the salary of this employee in 1995 \n" );
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Algebra.Com's Answer #820244 by Theo(13342)![]() ![]() You can put this solution on YOUR website! the answer that i got is future value at the end of 8 years = 83421.88.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "i used the calculator at https://arachnoid.com/finance/index.html\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "these are the results from using that calculator.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " ![]() \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "i then went to excel and calculated the remaining balance at the end of each year.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "i also borrowed the formula from the calculator (shown on the calculator link below the calculator itself) and modified it a little to get the answer that i wanted.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "the excel results are shown below:\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " ![]() \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "the modified formula is shown in the excel display to the right of the end of year by end of year remaining balances.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "the processing for the end of year remaining balance is:\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "remaining balnce at the end of the current year = (1.05 * remaining balance at the end of the previous year) + 1000\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "the formula you are looking for was the formula used by the calculator.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "let me know if you have any questions.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "theo \n" ); document.write( " |