Vicky starts a new job with an hourly pay of $7.15. Suppose that her hourly pay increases by 5% each year. What will Vicky’s hourly pay be in 3 years

Vicky’s hourly pay will be $8.3 in 3 years.

Step-by-step explanation:

Suppose that her hourly pay increases by 5% each year, it means that the rate at which it is increasing is exponential. We would apply the formula for exponential growth which is expressed as

A = P(1 + r)^t

Where

A represents the hourly pay after t years.

t represents the number of years.

P represents the initial hourly pay.

r represents rate at which it is increasing.

From the information given,

P = $7.15

r = 5% = 5/100 = 0.05

t = 3 years

Therefore

A = 7.15(1 + 0.05)^3

A = 7.15(1.05)^3

A = $8.3

steve should create a type of business report called a business plan. the correct option among the options that are already given in the question is the last or the fourth option. this business report created by steve will actually influence the investors about investing their money in steve's business. this business report will have all the details about the business, the amount of investment required and the amount of expected profit.