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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".
Junaid answered 2 years agoRelated Solutions
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