Question
You have two job offers. Job 1 has an annual starting salary of $35,750 with the expectation of a $1000 raise each year. Job 2
You have two job offers. Job 1 has an annual starting salary of $35,750 with the expectation of a $1000 raise each year. Job 2 has an annual starting salary of $32,500 and an expectation of 4.5% annual raise.
Job 1: Annual Salary | Job 2: Annual Salary | |||||||
# of years worked | Annual Salary after t years | Successive Differences | Successive Ratios | # of years worked | Annual Salary after t years | Successive Differences | Successive Ratios | |
0 | 35,750 | 1,000 | 0 | 32,500 | ||||
1 | 36,750 | 1,000 | 1.028 | 1 | 33962.5 | 1,463 | 1.045 | |
2 | 37,750 | 1,000 | 1.027 | 2 | 35490.81 | 1528.3125 | 1.045 | |
3 | 38,750 | 1,000 | 1.026 | 3 | 37087.9 | 1,597 | 1.045 | |
4 | 39,750 | 1,000 | 1.026 | 4 | 38756.85 | 1,669 | 1.045 | |
5 | 40,750 | 1,000 | 1.025 | 5 | 40500.91 | 1744.0585 | 1.045 | |
6 | 41,750 | 1,000 | 1.025 | 6 | 42323.45 | 1,823 | 1.045 |
I filled in the chart above myself (I'm not 100% sure that it is right so please check before looking at other parts of the question)
a. What type of function can be used to model salary offer 1? What type of function models salary offer 2?
b. What equation can be solved to find the number of years it will take to double the starting salary for job 1? Solve the equation algebraically and check it graphically (Sketch the graph from your calculator or obtain a printout, label the graphs of each of the two functions with their respective function rules, write down the window used, draw an arrow pointing to the solution).
c. What equation can be solved to find the number of years it will take to double the starting salary for job 2? Solve the equation graphically (Sketch the graph from your calculator or obtain a printout, label the graphs of each of the two functions with their respective function rules, write down the window used, draw an arrow pointing to the solution).
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