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Chapter 6: Problem 2

Your union has just negotiated a 3 -year contract containing annual raises of \(3 \%, 4 \$$, and \)5 \%$ during the term of contract. Your current salary is \(\$ 42,000 .\) What will you be earning in 3 years?

Short Answer

Expert verified
Answer: The new salary after the 3-year contract will be $47,239.92.

Step by step solution

01

Identify the starting salary and annual percentage increases.

The starting salary is given as \(42000. The annual raises are \)3\%, 4\%, \text{ and } 5\%$. We will apply these percentage increases to the salary consecutively.
02

Calculate the salary after the first year.

Apply the first raise of \(3\%\) to the starting salary of $42000: New Salary after first year = \(42000\times (1+0.03)=42000\times 1.03 = \underline{43260}\).
03

Calculate the salary after the second year

Apply the second raise of \(4\%\) to the new salary from step 2 (which was \(43260\)): New Salary after second year = \(43260\times (1+0.04)=43260\times 1.04 = \underline{44990.40}\).
04

Calculate the salary after the third year

Apply the final raise of \(5\%\) to the new salary from step 3 (which was \(44990.40\)): New Salary after the third year = \(44990.40\times (1+0.05)=44990.40\times 1.05 = \underline{47239.92}\).
05

Present the final salary

After 3 years and taking into account all the annual raises, the new salary will be \(47239.92\).

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