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Comparing salaries

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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

The solution compares two salraies at the end of 10 years.

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Future value interest factor =FVIF= (1+i)^n
i= rate
n= numebr of years

First job:
Initial ...

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