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