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Compound interest A computer operator is paid £10 000 a year. Assuming her pay is increased by 7% each year, what will her salary be in four years time?

Respuesta :

Given

Principal = £10 000

Rate = 7%

Time = 4 years

Find

what will her salary be in four years time?

Explanation

Amount is given by

[tex]A=P(1+\frac{r}{100})^t[/tex]

substitute the values,

[tex]\begin{gathered} A=10,000(1+\frac{7}{100})^4 \\ \\ A=10,000(1.07)^4 \\ \\ A=13107.96 \end{gathered}[/tex]

Final Answer

Hence , her salary after 4 years will be £13107.96

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