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You earn $21.00 per hour at your job. If you get a 9% raise at the end of each year, what will your hourly rate, h, be after 5 years? Use the equation 2003-20-05-00-00_files/i0190000.jpg, where C is the beginning hourly rate, r is the growth rate, and t is time in years

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HomertheGenius
C - the beginning hourly rate: C = $21.00
r - the growth rate:  r = 1.09
t - time in years:   t = 5
[tex]C r ^{t}= 21.00 * 1.09^{5} [/tex]  ≈ $32.31
Answer: hourly rate after 5 years will be  $32.31. 
  

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