At the end of the first year, you get 100% of the 3300 plus 5% more.
In decimal terms, this equates to 1.00 + .05 = 1.05.
So, to find the amount of the raise after the first year, we just multiply 3300 * (1.05)
To find the amount after two years, we take what we had at the end of the first year (3300 * (1.05)) and multiply THAT by 1.05.
So we have........(3300 * 1.05) * (1.05 or 3300 * (1.05) ^2
Then, the "formula" to find the amount after N years is just........... 3300*(1.05)^N
I'll let you finish this one.....(remember to do the exponent part first and then multiply by 3300, unless you're putting the whole thing in a calculator to evaluate it all at once)
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