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Answer :
The equation of Finley's annual salary represents 57,000(1.04n – 1) during the nth year.
What is the percentage?
The percentage is defined as ratio expressed as a fraction of 100.
Finley was paid an annual salary of $57,000
with a 4% raise for each following year
Finley's annual salary, during the 2th year
⇒ 4% of 57,000 + 57,000
⇒ (0.04)57,000 + 57,000
⇒ 2280 + 57,000
⇒ 59280
Finley's annual salary, during the 2th year
Determine the difference between year 2 and year 1 salary.
Rate of change = 4% of 57,000 - 57,000
Rate of change = (0.04)57,000 - 57,000
Rate of change = 57,000(0.04 - 1)
Finley's annual salary, during the 5th year
Determine the difference between year 5 and year 4 salary
⇒ 57,000(0.04(5) - 1)
That's the constant.
Finley's annual salary, during the nth year
So, f (n) = 57,000(1.04n – 1)
Hence, the equation of Finley's annual salary represents 57,000(1.04n – 1) during the nth year.
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