Compound Interest

A software engineer starts with a salary of $45,000. He gets a 4% raise each year. How much will he earn in his sixth year?

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Round off your answer with 2 decimals.

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An engineer makes $60,000 in his first year and receives an annual raise of 6%. Calculate the salary for the 3rd year.

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Round off your answer with 2 decimals.

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A professor’s starting salary is $55,000. With a 5% annual raise, find his salary in the 6th year.

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Round off your answer with 2 decimals.

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A teacher earns $30,000 in her first year. She gets a 3% raise every year. How much will she earn in the 4th year?

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Round off your answer with 2 decimals.

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An employee receives $38,000 initially and gets a 6% annual raise. What is his salary in the 5th year?

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Round off your answer with 2 decimals.

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A college fund of $2,500 earns 6.75% per year. When will it reach $5,000?

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Round off your answer with 2 decimals.

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A deposit of $1,200 earns 9% per year. When will it reach $2,400?

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Round off your answer with 2 decimals.

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An investor deposits $3,000 at 3.5% interest annually. When will it grow to $6,000?

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Round off your answer with 2 decimals.

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A principal of $1,000 grows to $1,500 at 4.5% interest. How long did it take?

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Round off your answer with 2 decimals.

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