SOLUTION: please show me how to solve this word problem: My dad earns $55000 a year. if he get a 20% annual raise for each year how much money will he have after 10 years assuming not spend

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Question 234163: please show me how to solve this word problem:
My dad earns $55000 a year. if he get a 20% annual raise for each year how much money will he have after 10 years assuming not spending any of his sallary?
Found 2 solutions by nyc_function, MathTherapy:
Answer by nyc_function(2741) About Me  (Show Source):
You can put this solution on YOUR website!
$55,000 times 0.20 = $11,000
So, every year, he gets $11,000 raise.
55,000 + 11,000 = $66,000--->first year
$66,000 + 11,000 = $77,000--->second year
Continue this pattern until reaching the 10th year to find your answer.
Can you take it from here?

Answer by MathTherapy(10858) About Me  (Show Source):
You can put this solution on YOUR website!
please show me how to solve this word problem:
My dad earns $55000 a year. if he get a 20% annual raise for each year how much money will he have after 10 years assuming not spending any of his sallary?

Since your dad's salary increases at 20% each year, then his annual salary increases exponentially

An increase of 20% signifies that each year, his salary becomes 120%, or 1.2 of what it was the previous year, which makes the multiplying factor 1.2, with the exponent being the year that is being sought

This calculates to the following equation:

Salary at end of 10 years = 50000%2A%281.2%29%5E10

Salary at end of 10 years = 50000%2A%286.191736422%29

Therefore, salary at end of 10 years = $highlight_green%28340545.50%29