Salary with $3600 raise per year
we have a linear equation of the form
y=mt+b
where
m=3,600
b=60,000
therefore
y=3,600t+60,000
Complete the table
For t=1
y=3,600(1)+60,000
y=63,600
For t=5
y=3,600(5)+60,000
y=78,000
For t=10
y=3,600(10)+60,000
y=96,000
For t=15
y=3,600(15)+60,000
y=114,000
For t=20
y=3,600(20)+60,000
y=132,000
Salary with 5% raise per year
we have an exponential growth function of the form
[tex]y=a(1+r)^t[/tex]where
a=60,000
r=5%=0.05
substitute
[tex]\begin{gathered} y=a(1+0.05)^t \\ y=60,000(1.05)^t \end{gathered}[/tex]Complete the table
For t=5
y=60,000(1.05)^5
y=76,576,89
For t=10
y=60,000(1.05)^10
y=97,733.68
For t=15
y=60,000(1.05)^15
y=124,735.69
For t=20
y=60,000(1.05)^20
y=159,197.86
