Suppose that a new employee starts working at $7.16 per hour and receives a 4% r

Question

Suppose that a new employee starts working at $7.16 per hour and receives a 4% raise each year. After time t, in years his hourly wage is given by the function P(t) = $7.16(1.04)^t.
a) Find the amount of time after which he will be earning $10.00 per hour.
b) find the doubling time.
After what amount of time will the employee be earning $10.00 per hour?
Answer : 8.5 years

(around to the nearest tenth of a year) Question:

What is the doubling time?
Answer: Suppose that a new employee starts working at $7.16 per hour and receives a 4% raise each year. After time t, in years his hourly wage is given by the function P(t) = $7.16(1.04)^t.
a) Find the amount of time after which he will be earning $10.00 per hour.
b) find the doubling time.
After what amount of time will the employee be earning $10.00 per hour?
Answer : 8.5 years

(around to the nearest tenth of a year) Question:

What is the doubling time?
Answer:
a) Find the amount of time after which he will be earning $10.00 per hour.
b) find the doubling time.
After what amount of time will the employee be earning $10.00 per hour?
Answer : 8.5 years

(around to the nearest tenth of a year) Question:

What is the doubling time?
Answer:

Explanation / Answer

P(t) = $7.16(1.04)^t

$10 = $7.16(1.04)^t

10/7.16 = (1.04)^t

1.39665 = (1.04)^t

ln(1.39665) = t*ln(1.04)

t = 8.5 years

b) $2*7.16 = $7.16(1.04)^t

2 = (1.04)^t

ln2 = t*ln(1.04)

t = 17.7 years

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