Employees at a certain company are scheduled to earn a 1.9%1.9% pay increase each year to adjust for the cost of living. An employee starts at a salary of $35,000$35,000 per year and wants to know how long it will take to earn at least $40,000$40,000 per year. If the employee receives no additional raises, which statement is true?

The time it will take to earn at least $40,000 per year is 7.

Step-by-step explanation:

The information provided explains that the salary of an employee has an exponential growth.

That is, an employees salary is increasing exponentially at a constant rate.

The exponential growth function is:

Here,

y = final value

a = initial value

r = growth rate

n = time

Compute the time it takes for and employee's salary to increase from $35,000 to $40,000 as follows:

Taking natural log on both sides,

Thus, the time it will take to earn at least $40,000 per year is 7.

x/3-10=8

x/3=18

x=48