increase rate is 5.5% per year original salary is $42,000 what is salary during 19th year?

Question

The word problem: If your salary were to increase at a rate of 5.5% per year, find your salary during your 19th year if your original salary is $42,000.

Answer 1

thats kalled "KOUMPOUND INTEREST"  . . .

start=42,000$, rate=5.5%, kompound bi yeer, for 19 yeers

(end/start)=1.055^19=2.765646911 . .

end=42,000$*2.765646911

=116,157.17$