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At her current job, Mary gets a 1.5% raise twice per year. Which of th

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At her current job, Mary gets a 1.5% raise twice per year. Which of th  [#permalink]

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New post 19 Aug 2018, 09:49
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C
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Question Stats:

79% (01:28) correct 21% (01:26) wrong based on 57 sessions

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At her current job, Mary gets a 1.5% raise twice per year. Which of the following choices represents Mary’s current income y years after starting the job at a starting salary of s?


(A) \(s(1.5)^{2y}\)

(B) \(s(0.015)^{2y}\)

(C) \(s(1.015)^{2y}\)

(D) \(s(1.5)\frac{y}{2}\)

(E) \(s(1.015)\frac{y}{2}\)

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Re: At her current job, Mary gets a 1.5% raise twice per year. Which of th  [#permalink]

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New post 19 Aug 2018, 10:29
Bunuel wrote:
At her current job, Mary gets a 1.5% raise twice per year. Which of the following choices represents Mary’s current income y years after starting the job at a starting salary of s?


(A) \(s(1.5)^{2y}\)

(B) \(s(0.015)^{2y}\)

(C) \(s(1.015)^{2y}\)

(D) \(s(1.5)\frac{y}{2}\)

(E) \(s(1.015)\frac{y}{2}\)


1.5% rise is equivalent to s*\((1+\frac{1.5}{100})=s*(1+0.015)=s*1.015\)
Mary’s current income y years after starting the job=\(s(1.015)^{2y}\) (Since income increases twice a year)

Ans. (C)
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Re: At her current job, Mary gets a 1.5% raise twice per year. Which of th  [#permalink]

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New post 12 Feb 2019, 10:40
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Bunuel wrote:
At her current job, Mary gets a 1.5% raise twice per year. Which of the following choices represents Mary’s current income y years after starting the job at a starting salary of s?


(A) \(s(1.5)^{2y}\)

(B) \(s(0.015)^{2y}\)

(C) \(s(1.015)^{2y}\)

(D) \(s(1.5)\frac{y}{2}\)

(E) \(s(1.015)\frac{y}{2}\)


One approach here is to apply the COMPOUND INTEREST formula.
However, if you didn't see that the question is analogous to a COMPOUND INTEREST question, we can also solve the question by looking for a pattern.

Let's try that:

Time elapsed (in years) | salary
0 | s
0.5 | (1.015)(s)
1 | (1.015)(1.015)(s)= (1.015)²(s) =
1.5 | (1.015)(1.015)(1.015)(s) = (1.015)³(s) =
2 | (1.015)⁴(s)
2.5 | (1.015)⁵(s)
3 | (1.015)⁶(s)
3.5 | (1.015)⁷(s)
4 | (1.015)⁸(s)
.
.
.
See the pattern???
.
.
.
y | (1.015)^2y(s)

Answer: C

Cheers,
Brent
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Re: At her current job, Mary gets a 1.5% raise twice per year. Which of th   [#permalink] 12 Feb 2019, 10:40
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