Question 145428: Jon begins a new job with an annual salary of $42,000 for his first year of employment, a guarantee of a 5% increase each for his second, third and fourth year and a guarantee fo a 20% for his fifth and sixth year. What will be his salary during his sixth year of employment?
This seemed easy enough but not getting the correct answer.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Jon begins a new job with an annual salary of $42,000 for his first year of employment, a guarantee of a 5% increase each for his second, third and fourth year and a guarantee fo a 20% for his fifth and sixth year. What will be his salary during his sixth year of employment?
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Salary = 42,000(1.05)^3*(1.20)^2 = 70,013.16
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Cheers,
Stan H.
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