Answer:
The equation for the amount of salary after x number of years is given by:
[tex]y = a(1+r)^x[/tex]
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,
⇒[tex]r = 5\% = 0.05[/tex]
then;
[tex]y = 30,000(1+0.05)^x[/tex]
[tex]y = 30,000(1.05)^x[/tex] ....[1]
we have to find the salary in three years.
⇒[tex]x = 3[/tex]
Substitute this value in [1] we have
[tex]y = 30,000(1.05)^3[/tex]
Simplify:
[tex]y = \$ 34,4728.75[/tex]
therefore, your salary be in three years will be $34,4728.75
Answer: $34728.75
Step-by-step explanation:
Given: The salary of a police officer for a year P= $30,000
The rate of increase r= 5% = 0.05 per year
We know that the compound amount after t years at rate of intersect r is given by :-
[tex]A=P(1+r)^t[/tex]
Then, the compound amount after 3 years is given by :-
[tex]A=30,000(1+0.05)^3\\\Rightarrow\ A=30,000(1.05)^3\\\Rightarrow\ A=34728.75[/tex]
Hence, the salary of policeman after 3 years will be $34728.75.
