After college you start a job earning $40,000 a year. You get a 6% raise each year. a) How much will you earn in year 2? b) How much will you earn in year 4? c) What will be your TOTAL earnings after 10 years?

Answers: A) $44,944
B) $50,499.0784


Math: Using the percentage calculator linked below 6% of $40,000 is $2,400. Since you're getting your second raise after your first and since it is a 6% raise from what you're getting paid at that time we add pay raise 1 to your starting pay before calculating the 6% for pay raise 2. $40,000+$2,400=$42,400. 6% of $42,400 is $2,544. $42,400+$2,544=$44,944, Since that is two pay raises that would be your earnings at the end of year two (answer A).
We continue calculating 6% then adding that onto the total before calculating it for the next year for problem B.
6% of $44,944 is $2,696.64. $44,944+$2,696.64=$47,640.64.
6% of $47,640.64 is $2,858.4384. $47,640.64+$2,858.4384=$50,499.0784. That's answer B.


Hopefully you can figure out C on your own! I feel a little bad for giving a partial answer but I think you can do this!

Percentage calculator used-
Note: can't handle commas, remove all commas before entering data in.