Concept explainers
The equation which shows Juaquim’s salary in x years.
Answer to Problem 7CR
The equation is
Explanation of Solution
Given information:The starting salary is $42000, every year increase in salary is 6.5%, number of years = x.
Formula used: The compound interest formula is
Where, A = Total amount including interest, P = principal amount, r =annual rate of interest, t = the number of years.
Calculation:
In the problem given,
P = $42000, r =
So, option C is correct.
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