YOUR TEACHER UNCLE IS PROMOTED TO MASTER TEACHER I POSITION. HIS SALARY FOR THE FIRST YEAR IS PHP 43, 125. HE WILL RECEIVE 7% INCREASE EVERY YEAR. HOW MUCH WILL HIS SALARY BE AT THE START OF YEAR 6?
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A] 60 485
B] 50 485
C] 47 485
D] 47 485
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A] 60 485
B] 50 485
C] 47 485
D] 47 485
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Answer:
A. 60485
Step-by-step explanation:
First year = 43125
2nd = 43125 (1 +0.07) --- compounding starts
3rd
4th
5th
6th
F = P (1 + i)ⁿ
F = 43125 ( 1 + 0.07)⁵
F = 60485.04339