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Applying the functions to derive desired values Suppose you get a job offer from one of your dream companies and they are paying you within the range you would want your salary to be. Lets take this amount to be $45,000 per year. You are confident that working in this company would help you grow and charter a career path that you would like to pursue. You are curious to know that if your salary increases at the rate of 9.0% per year, how many years would it take to double your salary?

Respuesta :

TomShelby

Answer:

It will double his salary every 8.04 years

Explanation:

Using the future value of a lump sum formula we solve for  time at which 45,000 principal becomes 90,000:

[tex]Principal \: (1+ r)^{time} = Amount[/tex]

Principal:  45,000

time            n

rate                    0.09000

Amount:   90,000

[tex]45000 \: (1+ 0.09)^{n} = 90,000[/tex]

to solve for n we use logartihmics properties:

[tex]n= \frac{log90,000/45,000}{log(1+0.09)[/tex]

n = 8.043231727 = 8.04 years

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