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?
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Answer
To calculate the annual salary after the first increase, we start with the initial salary of €24,000. The annual increase is 3% of the current salary.
We can calculate this as follows:
Calculate the increase:
extIncrease=0.03imes24000=720
Add the increase to the initial salary:
extNewSalary=24000+720=24720
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.
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Answer
For the fourth increase, we need to account for the compound increases over four years. The formula for the salary after multiple percentage increases can be expressed as:
