Each year, Francesca earns a salary that is 2% percent higher than her previous year's salary. In her first 5 years at this job, she earned a total of $187,345.
What was Francesca's salary in her 1st year at this job?
Round your final answer to the nearest thousand.
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☺️Hyy Dude ☺️
Each year, Francesca earns a salary that is 2 percent higher than her previous year's salary. In her first 5 years at this job, she earned a total of $187,345. Francesca's salary in her 1st year at this job is $169684.14
Step-by-step explanation:
Let X be the first salary of Francesca. The salary increases by 2% every year.
Let A be the amount she earns after n years at a rate of r.
The formula is given by:
A = X(1 + r)ⁿ
In this case we have that:
A = $187345
n = 5 years
r = 2%
We need to get X.
187345 = X(1.02)⁵
187345 = 1.10408 X
X = $169684.14
Francesca's salary in the first year is $169684.14
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