Question

im1 mini quiz 07: exponential fun...

1. jimmy has just started a new job, where his starting salary is $44000 per year and is expected to increase by 4.6% each year. tina has also just started a new job, which has a starting salary of $43000 per year and is expected to increase at a rate of 6.8% each year.

4a write an equation for $m$, jimmys salary in $t$ years time.
$m = 44000(1.046)^t$
4b write an equation for $p$, tinas salary in $t$ years time.
$p = 43000(1.068)^t$
4c how much greater will tinas salary be in 10 years time than jimmys? give your answer correct to the nearest cent.
= $square$ dollars
enter your next step here
hi! im milo, your math tutor. let me know how i can help.
can i get a video, please?
can i get a hint, please?
can i get an example, please?

Explanation:

Step1: Calculate Jimmy's salary at t=10

Substitute $t=10$ into $M = 44000(1.046)^t$
$M = 44000(1.046)^{10}$
$M \approx 44000 \times 1.56308$
$M \approx 68775.52$

Step2: Calculate Tina's salary at t=10

Substitute $t=10$ into $P = 43000(1.068)^t$
$P = 43000(1.068)^{10}$
$P \approx 43000 \times 1.9306$
$P \approx 82915.80$

Step3: Find the salary difference

Subtract Jimmy's salary from Tina's salary
$\text{Difference} = 82915.80 - 68775.52$

Answer:

14140.28 dollars