James has worked for the same company his entire life. His current income is $100,000 per year. When he was originally hired, he made $50,000 per year. The company has given James a consistent raise of 2 percent every year. How long has James been with the company? Question 32 options:
75 years
10 years
35 years
25 years
50 years

(C) 35 Years

Step-by-step explanation:

James Current Income = $100,000 per year.

His first Income = $50,000 per year.

James Income is raised by 2% each year, that means his income for the next year is 102% of the previous year.

We can solve this using the nth term of a geometric progression since we are dealing with percentage.

The nth term of a G.P. is given as:

a=$50,000, r=102%=1.02,

Therefore:

To solve for n, we change from index form to logarithm

Excluding his first salary, James has been with the company for 35 years.

2

step-by-step explanation: