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During a job interview, Pam Thompson is offered a salary of $41,000. The company gives annual raises of 3 percent. What would be Pam’s salary during her fifth year on the job?

Respuesta :

sqdancefan

Answer:

  $46,145.86

Step-by-step explanation:

At the end of Pam's fourth year, she will have received 4 raises. Each raise multiplies her salary by 1+3% = 1.03.

5th-year salary

Pam's salary going into her 5th year will be the product of her original salary and 4 multipliers of 1.03.

  $41,000 × 1.03^4 ≈ $46,145.86

Pam's salary during her 5th year will be $46,145.86.