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Jakki got a new job that guarantees her a 6% raise every year. If she started out making $40,000, how long will it be before she doubles her current salary?

 Jul 29, 2020
 #1
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PV=40000; FV=80000; P=0;R=0.06; a= (log(FV/PV) )/log(R + 1);print"N =",a

 

N = 11.89566105 =~12 years to double her salary.

 Jul 29, 2020
 #2
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80000 = 40000 (1+.06)n       solve for 'n'

2 = 1.06n

log2 / log 1.06 = n    = .......... years

 Jul 29, 2020

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