Question

Every year your salary increases 5%. If your annual salary this year is $20,000, what is projected approximate salary five years from now?

Answer 1

Answer:

approximately $24000

Step-by-step explanation:

current salary= $20000

2nd year salary = 20000+ 5% of 20000

= 20000+ 5*20000/100= 20000+1000=21000

3rd year

21000+ 5% of 21000=21050

4th year

21050+ 1052.5= 22102.5

5th year

22102.5+ 1105.125= 23207.625

6th year

23207.625+1160.38125= $24368.00625