Today, you earn a salary of $31,000. What will be your annual salary ten years from now if you receive annual raises of 2.2 percent?

Name: Today, you earn a salary of $31,000. What will be your annual salary ten years from now if you receive annual raises of 2.2 percent?
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Question

Quizplus · Accepted Answer

To calculate the future salary, use the formula for compound interest: Future Salary = Present Salary * (1 + raise rate)^number of years. Here, $31,000 * (1 + 0.022)^10 = $38,536.36.

Today, You Earn a Salary of $31,000