SOLUTION: The starting salary at Matt’s job is $35,000. He is to receive a 6.2% raise each year. What will his salary be at the end of the 7th year?

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Question 694125: The starting salary at Matt’s job is $35,000. He is to receive a 6.2% raise each year. What will his salary be at the end of the 7th year?
Answer by plasma(1) About Me  (Show Source):
You can put this solution on YOUR website!
1 year= $35,000 - (original salary)
2 year= $37,170 - $35,000+(6.2% 0f $35,000)
3 year= $39,474.54 - $37,170+(6.2% of $37,170)
4 year= $41,921.961 - $39,474.54+(6.2% of $39,474.54)
5 year= $44,521.122 - $41,921.961+(6.2% of $41,921.961)
6 year= $47,281.431 - $44,521.122+(6.2% of $44,521.122)
7 year= $50,212.879 - $47,281.431+(6.2% of $47,281.431)
answer: $50,212.879