Suppose that a new employee starts working at $7.05 per hour and receives a 5% raise each year. After time t, in years, his hourly wage is given by the equation y = $7.05(1.05)^t Find the amount of time after which he will be earning $10.00 per hour.
t = log(10/7.05)/log(1.05) ≈ 4.45 years
Nope, wrong again!!!!
7.05(1.05)^t = 10
1.05^t = 10/7.05
t log 1.05 = lo10 - log7.05
t = (1 - .848189)/.021189 = appr 7.1645 years
check : 7.05(1.05)^7.1645 = 10.00