Use Multiplication Properties of Exponents · Exercise 79

Salary Jamal’s boss gives him a 3% raise every year on his birthday. This means that each year, Jamal’s salary is 1.03 times his last year’s salary. If his original salary was $35,000, his salary after 1 year was \ 35,000 \left(1.03\right)$,after2yearswas$$ 35,000 \left(1.03\right)^{2}$,after3yearswas$$ 35,000 \left(1.03\right)^{3}$, as shown in the table below. What will Jamal’s salary be after 10 years? Simplify the expression, to show Jamal’s salary in dollars.

\begin{array}{|c|c|}\hline \text{Year} & \text{Salary} \\ \hline \text{1} & \\text{ 35,000 left(1.03right)$} \\ \hline \text{2} & \\text{ 35,000 left(1.03right)^2$} \\ \hline \text{3} & \\text{ 35,000 left(1.03right)^3$} \\ \hline \text{…} & \text{…} \\ \hline \text{10} & \text{?} \\ \hline\end{array}

This problem refers to a figure in its source book that isn't reproduced here.

OpenStax, Elementary Algebra 2e · §6.2 Use Multiplication Properties of Exponents · Exercise 79