Your starting salary at a new company is $34,000 and it increases by 2.5% each year. What will your salary be in 5 years?
1 Answer
May 21, 2016
Explanation:
Use this formula for compound interest:
)
V is the salary is 5 years
P is the when you first joined
R is the percentage increase per year
N is the number of years
Therefore,
= $38467.88 (2dp)