SOLUTION: A person is hired to a job that pays $500 per month and receives a 10% raise in each following month. In the fourth month, how much will that person earn?

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Question 872560: A person is hired to a job that pays $500 per month and receives a 10% raise in each following month. In the fourth month, how much will that person earn?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
The formula is:
+S+=+500%2A%28+1+%2B+.1+%29%5En+
+S+ = Salary
+n+ = number of the month, starting
with month +0+
------------------
During 1st month:
+S+=+500%2A%28+1+%2B+.1+%29%5E0+
+S+=+500+
--------------
During 4th month:
+S+=+500%2A%28+1+%2B+.1+%29%5E3+
+S+=+500%2A1.331+
+S+=+665.5+
During the 4th month the
person earns $665.50