A teacher makes 35000 in his first year at lakeside school a

A teacher makes $35,000 in his first year at lakeside school, and gets a 3% raise each year. Find a formula for his salary A in his nth year at this school. Find his salary in his 7th years at this school.

Solution

P=35000

R=3%

n=years

a) A=P(1+(R/100))^n

b) A7 = 35000 ( 1+0.03)^7=43045.58