Question

In: Computer Science

Use the FV formula for each of the questions below. Alpha Motors offered a $40,000 per year job with a 3.5% guaranteed raise each year

Use the FV formula for each of the questions below. Alpha Motors offered a $40,000 per year job with a 3.5% guaranteed raise each year for the next 10 years, what will be your salary in 10 years?

Solutions

Expert Solution

Salary in 10 year = current salary x (1+raise%)^year

                               = 40000 x (1 + 3.5%)^10
                               = $56,423.95

Salary in 10 year = current salary x (1+raise%)^year

                               = 40000 x (1 + 3.5%)^10
                               = $56,423.95

 

Hence, the salary in 10 year will be "$56,423.95".

 


The salary in 10 year will be "$56,423.95".

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