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Asked 10/27/2011 11:40:50 PM
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User:
please help me
Weegy:
Hi, how can I be of help to you?
rdsa77
|Points 8541|
User:
A man gets a rise of 10% in salary at the end of his first year of service and further of 20 % and 25 % at the end of the second and third year respectively. The rise in each case is calculated on his salary at the beginning of the year. To what annual percentage increase is this equivalent? please tell me how to solve this question plz
Weegy:
assume his salary starts at 1. [ at the beginning of the first year he is making 1. at the end of the first year he is making 1 * 1.1 = 1.1 at the end of the second year he is making 1.1 * 1.2 = 1.32 at the end of the third year he is making 1.32 * 1.25 = 1.65 he starts at 1 and at the end of the third year he is making 1.65 his average annual increase is given by the compounding formula of: 1.65 = 1*(1+x)^3 this is equivalent to: 1.65 = (1+x)^3 take the cube root of both sides to get: (1.65)^(1/3) = 1+x subtract 1 from both sides to get: x = (1.65)^(1/3) - 1 solve for x to get: x = .18166575 at the beginning of the first year he is making 1. at the end of the first year he is making 1 * 1.18166575 = 1.18166575 at the end of the second year he is making 1.18166575 * 1.18166575 = 1.396333946 at the endof the third year he is making 1.396333946 * 1.18166575 = 165 1 * (1.18166575)^3 = 1.65 the equation that was used was the future value of a present amount formula that is equal to: f = p * (1+i)^n f = future value p = present amount i = interest rate per time period n = number of time periods. to solve this problem, we first had to find f. that was done using the year by year analysis up top. once we knew f, we could then substitute in the formula to get: f = 1.65 p = 1 i = x n = 3 we then solved for x. ]
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jher000
|Points 6159|
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