Help with income raise problem, possible exponential problem?

In summary: UIn summary, the conversation is about calculating the income for the tenth year of working based on a starting salary of $60,000 with a 7% annual increase. The person asking for help is unsure if the equation is exponential and is looking for assistance. The response is to consider the salary for each year, starting with the first year, to find the answer.
  • #1
calcunoob
2
0

Homework Statement



Hi,
This is probably an easy equation and I know this is the pre-cal section and this is for my engineering math class but I feel like people in a pre-cal forum should be able to help! I'm writing an essay for my engineering math class and I am trying to calculate the income I will be earning by my tenth year of working. If my starting salary is $60,000 and that salary increases at a rate of 7% per year for ten years, what would my income be in the tenth year? THE ANSWER IS NOT 60,000 * .07x + 60,000! That's not what I'm looking for because you don't only get 60,000 plus 7% of 60,000 every year, if that makes sense... I think this may be an exponential equation but I'm not sure. I feel like an idiot because I'm in calculus too but for whatever reason I can't figure this out >.< Thank you!

Homework Equations



It's NOT 60,000 + (60,000 * .07x), I believe the answer will be an exponential equation.

The Attempt at a Solution



60,000 + (60,000 * .07x) <--- Not the right equation. Haha
 
Last edited:
Physics news on Phys.org
  • #2
Please help :( lol
 
  • #3
calcunoob said:
Please help :( lol

OK. If you earn $60,000 in Year 1, what do you earn in Year 2? What do you earn in Year 3? Keep going.

RGV
 

Related to Help with income raise problem, possible exponential problem?

1. What is an income raise problem?

An income raise problem refers to a situation where an individual's income is not increasing at the desired rate, causing financial strain and difficulty in meeting expenses.

2. What is an exponential problem in the context of income raise?

An exponential problem in the context of income raise refers to a situation where the income increase is not linear but instead grows at an exponential rate, making it difficult to manage and sustain in the long run.

3. How can I identify if I have an income raise problem?

You can identify an income raise problem by analyzing your current income and expenses. If your expenses are consistently increasing and your income is not keeping up, it could be a sign of an income raise problem.

4. What are the potential causes of an income raise problem?

There could be various causes of an income raise problem, such as a stagnant job market, lack of skills or qualifications for higher-paying jobs, or personal financial mismanagement.

5. What steps can I take to solve an income raise problem?

To solve an income raise problem, you can consider various options such as negotiating for a raise or promotion at your current job, acquiring new skills or qualifications, looking for higher-paying job opportunities, or reducing expenses to increase savings. Seeking financial advice from a professional can also be helpful in finding a solution.

Similar threads

[mechanics] radius of a sphere with critical mass
    • Introductory Physics Homework Help
Replies
4
Views
11K
B How do I invert this exponential function?
    • Calculus
Replies
3
Views
2K
Population drop word problem -- help with the Algebra please
    • Precalculus Mathematics Homework Help
Replies
33
Views
3K
How Do You Solve 2^x = 1/√x Correctly?
    • Precalculus Mathematics Homework Help
Replies
15
Views
1K
Different types of exponential growth equations?
    • Precalculus Mathematics Homework Help
Replies
5
Views
2K
Problem about Financial Planning
    • Precalculus Mathematics Homework Help
Replies
16
Views
4K
Birthday problem (probability)
    • Precalculus Mathematics Homework Help
Replies
9
Views
3K
Job Skills Possibilities of a Career in Physics/Engineering
    • STEM Career Guidance
Replies
21
Views
875
New Engineering student here
    • New Member Introductions
Replies
4
Views
118
Physics knowledge advice for a Civil Engineering undergrad
    • STEM Academic Advising
Replies
8
Views
239

Hot Threads

Recent Insights

Back
Top