Help with income raise problem, possible exponential problem?

[calcunoob]

Homework Statement

Hi,
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!

Homework Equations

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

The Attempt at a Solution

60,000 + (60,000 * .07x) <--- Not the right equation. Haha

 

[calcunoob]

Please help :( lol

 

[Ray Vickson]

Please help :( lol

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.

RGV