Math Problem Statement

Jamie began working as a mechanical engineer in 2007 with a salary of $56,000. His salary in 2023 is $176,000. What is Jamie’s average salary increase per year?

Solution

To calculate Jamie's average salary increase per year, we can use the following steps:

  1. Determine the total salary increase:
    Jamie's salary in 2023 is $176,000, and his starting salary in 2007 was $56,000. The total increase is: 176,00056,000=120,000176,000 - 56,000 = 120,000

  2. Calculate the number of years:
    From 2007 to 2023, the number of years is: 20232007=16years2023 - 2007 = 16 \, \text{years}

  3. Calculate the average increase per year:
    To find the average increase per year, divide the total increase by the number of years: 120,00016=7,500\frac{120,000}{16} = 7,500

Therefore, Jamie's average salary increase per year is $7,500.

Would you like further details on this or have any other questions?

Here are 5 related questions:

  1. What would Jamie's salary be in 2028 if the same trend continues?
  2. How much has Jamie's salary increased as a percentage from 2007 to 2023?
  3. If Jamie's salary increase was compounded annually, how would we calculate the average annual growth rate?
  4. How would Jamie’s salary change if the increase varied by different amounts each year?
  5. What would Jamie’s total earnings be from 2007 to 2023 if he received the same salary each year?

Tip: When dealing with salary growth or any financial growth over time, always check if the increase is linear or compounded, as it affects the final calculations.

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Math Problem Analysis

Mathematical Concepts

Arithmetic
Linear Growth

Formulas

Average increase per year = (Final Salary - Initial Salary) / Number of Years

Theorems

Linear growth theorem

Suitable Grade Level

Grades 6-8