Suppose that a new employee starts working at $7.47 per hour and receives a 5% raise each year. after time t, in years, his hourly wage is given by the equation y equals $ 7.47 left parenthesis 1.05 right parenthesis superscript t baseline . find the amount of time after which he will be earning $10.00 per hour.
For this case we have an equation of the form: y = 7.47 * (1.05) ^ t For y = 10 we have: 10 = 7.47 * (1.05) ^ t From here, we clear the value of t. We have then: (1.05) ^ t = 10 / 7.47 log1.05 ((1.05) ^ t) = log1.05 (10 / 7.47) t = log1.05 (10 / 7.47) t = 5.978461004 Rounding off we have: t = 6 years Answer: the amount of time after which he will be earning $ 10.00 per hour is: t = 6 years
