You accept a new job with a starting salary of $36,000. You receive a 4.4% raise at the start of your second year, a 7.3% raise at the start of your third year, and a 9.3% raise at the start of your fourth year. Find your salary for the fourth year.
A)$44,078.10
B)$43,214.60
C)$43,732.70
D)$44,423.50
E)$44,768.90

Question

Quizplus · Accepted Answer

To find the salary for the fourth year, calculate the raises sequentially starting from the initial salary. 1. First year to second year raise: $36,000 * 1.044 = $37,584.2. Second year to third year raise: $37,584 * 1.073 = $40,317.12.3. Third year to fourth year raise: $40,317.12 * 1.093 = $44,078.10.

You Accept a New Job with a Starting Salary of $36,000