1. Limited time only! Sign up for a free 30min personal tutor trial with Chegg Tutors
    Dismiss Notice
Dismiss Notice
Join Physics Forums Today!
The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

Homework Help: Help with income raise problem, possible exponential problem?

  1. Sep 6, 2012 #1
    1. The problem statement, all variables and given/known data

    This is probably an easy equation and I know this is the pre-cal section and this is for my engineering math class but I feel like people in a pre-cal forum should be able to help! I'm writing an essay for my engineering math class and I am trying to calculate the income I will be earning by my tenth year of working. If my starting salary is $60,000 and that salary increases at a rate of 7% per year for ten years, what would my income be in the tenth year? THE ANSWER IS NOT 60,000 * .07x + 60,000! That's not what I'm looking for because you don't only get 60,000 plus 7% of 60,000 every year, if that makes sense... I think this may be an exponential equation but I'm not sure. I feel like an idiot because I'm in calculus too but for whatever reason I can't figure this out >.< Thank you!

    2. Relevant equations

    It's NOT 60,000 + (60,000 * .07x), I believe the answer will be an exponential equation.

    3. The attempt at a solution

    60,000 + (60,000 * .07x) <--- Not the right equation. Haha
    Last edited: Sep 6, 2012
  2. jcsd
  3. Sep 6, 2012 #2
    Please help :( lol
  4. Sep 6, 2012 #3

    Ray Vickson

    User Avatar
    Science Advisor
    Homework Helper

    OK. If you earn $60,000 in Year 1, what do you earn in Year 2? What do you earn in Year 3? Keep going.

Share this great discussion with others via Reddit, Google+, Twitter, or Facebook