Math Problem Statement
Suppose your annual starting salary is $59,942. After working for a few years, you start to get yearly raises. If you get a 0.9% raise a total of 4 times and then a 1.8% raise a total of 7 times, what is your salary after all the raises?
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
New Salary = Current Salary × (1 + Raise Percentage)^Number of Raises
S_final = S_initial × (1 + 0.009)^4 × (1 + 0.018)^7
Theorems
Compound Growth Theorem
Suitable Grade Level
Grades 9-12
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