After ten years, which job pays the higher salary?
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You are offered two jobs. One initially pays $100,000 annually, and your salary will grow annually at 11.5%. The other pays pays $97,000 annually, but your salary will grow at 12%. After ten years, which job pays the higher salary?
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Solution Summary
In today's economy being offered one job is exciting. However, one the off chance, you are offered two positions when interviewing, how would you know which job to take? The following examples and solution provide you with an answer to your dilema.
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Future value interest factor =FVIF= (1+i)^n
i = rate; n = number of years
First job:
Initial amount = $100,000; ...
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