Photo AI
The starting salary for a job is €24 000 per annum - Leaving Cert Mathematics - Question b - 2010
Question b
The starting salary for a job is €24 000 per annum. At the end of each year of employment the annual salary increases by 3%. (i) What will the annual salary be afte... show full transcript
Worked Solution & Example Answer:The starting salary for a job is €24 000 per annum - Leaving Cert Mathematics - Question b - 2010
Step 1
What will the annual salary be after the first increase?
Answer
To find the annual salary after the first increase, we can use the formula:
where:
- is the new salary
- is the starting salary (€24,000)
- is the rate of increase (3% = 0.03)
Substituting the values:
Thus, the annual salary after the first increase will be €24 720.
Step 2
What will the annual salary be after the fourth increase? Give your answer correct to the nearest euro.
Answer
To calculate the annual salary after the fourth increase, we will again use the same formula iteratively or compute it in one step:
where:
- is the number of increases (4 in this case)
Substituting the values:
Thus, the annual salary after the fourth increase will be approximately €27 012 when rounded to the nearest euro.