A charity fair raised $6,000 by selling 500 lottery tickets. There were two types of lottery tickets: A tickets cost $10 each, a
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Answer:
The equation for the amount of salary after x number of years is given by:
where
a is the initial amount
x represents the number of years and
r represents the growth rate( in decimal)
As per the statement:
You begin your first day as a police officer earning $30,000/yr
⇒ a= 30,000
It is also given that you obtain a full 5% increase each year,
⇒
then;
....[1]
we have to find the salary in three years.
⇒
Substitute this value in [1] we have
Simplify:
therefore, your salary be in three years will be $34,4728.75