10. -/0.76 points 0/5 submissions used\nyour employer agrees to give you a 6% raise after 1 year on the job…

10. -/0.76 points 0/5 submissions used\nyour employer agrees to give you a 6% raise after 1 year on the job, a 7% raise the next year, and an 8% raise the following year. is your salary after the third year greater than, less than, or the same as it would be if you had received a 7% raise each year?\nthe salary after the third year is select \nshow my work (optional)

10. -/0.76 points 0/5 submissions used\nyour employer agrees to give you a 6% raise after 1 year on the job, a 7% raise the next year, and an 8% raise the following year. is your salary after the third year greater than, less than, or the same as it would be if you had received a 7% raise each year?\nthe salary after the third year is select \nshow my work (optional)

Answer

Explanation:

Step1: Let the initial salary be $S$.

Calculate salary with 6%, 7%, 8% raises. $S_1 = S(1 + 0.06)(1+ 0.07)(1 + 0.08)$ $S_1=S\times1.06\times1.07\times1.08$ $S_1 = S\times1.224976$

Step2: Calculate salary with 7% raise each year.

$S_2=S(1 + 0.07)^3$ $S_2=S\times1.07^3$ $S_2=S\times1.225043$

Answer:

less than