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Popular Word Problems >

If I make \$24000 during my first year. Each year after, I get a 3% raise . How much money do I make during the 5th year

Solution

I f I mak e $24000 d u r in g m y f i rs t ye a r . E a c h ye a r a f t er, I g e t a 3% r ai se . Ho w m u c h m o n ey d o I mak e d u r in g t h e 5 t h ye a r

Solution

Amount : 24720

Solution steps

Translate the problem into an equation:

A = 24000 (1 + 0.03 \cdot 1)

24000 (1 + 0.03 \cdot 1) = 24720

Amount : 24720

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