Suppose that your income is $28,600 per year and you receive a cost-of-living raise each year. If inflation is constant at 7.5% annually, in how many years will you be making $39,000 per year? Round your answer to the nearest whole number.

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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Suppose that your income is $28,600 per year and you receive a cost-of-living raise each year. If inflation is constant at 7.5%
annually, in how many years will you be making $39,000 per year? Round your answer to the nearest whole number.
Transcribed Image Text:Suppose that your income is $28,600 per year and you receive a cost-of-living raise each year. If inflation is constant at 7.5% annually, in how many years will you be making $39,000 per year? Round your answer to the nearest whole number.
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