suppose that a new employee starts working at $7.03 per hour and receives a 3% raise each year. After time t, in years, his hourly wage is given by the equation y=$7.03(1.03)^t. find the amount of time after which he will be earning $10.00 per hour.

Solve the following:  $10 = $7.03(1.03)^t for t.

log 10 - log 7.03 = tlog 1.03.  Solve for t.

   1 - 0.847
---------------- =  t  = 11.77 years (answer)
     0.013