Question

write a function in terms of t that represents the situation. your starting annual salary of $35,000 increases by 4% each year. y = \square

Explanation:

Step1: Identify the type of growth

This is an exponential growth problem. The general formula for exponential growth is $y = a(1 + r)^t$, where $a$ is the initial amount, $r$ is the growth rate (as a decimal), and $t$ is the time in years.

Step2: Determine the values of \(a\) and \(r\)

The initial salary \(a = 35000\). The growth rate \(r = 4\% = 0.04\).

Step3: Substitute the values into the formula

Substitute \(a = 35000\) and \(r = 0.04\) into the exponential growth formula: \(y = 35000(1 + 0.04)^t\), which simplifies to \(y = 35000(1.04)^t\).

Answer:

\(35000(1.04)^t\)