Upon taking his first job out of college, your Dad earned an annual salary of $38,000 and set a goal to earn $100,000 per year. If his salary increased at an average annual rate of 12%, how long did it take to reach his goal?
A) At that rate of growth, your Dad still has not earned $100,000 in a single year.
B) 2.63 years
C) 26.31 years
D) 8.54 years
Answer: D
Explanation: D) n = = = 8.54 years
MODE = END
INPUT ? 12 -38,000 0 100,000
KEY N I/Y PV PMT FV
CPT 8.54
Business
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