Question

A professional baseball player signs a contract with a salary of ​$9,000,000 for the first year and an annual increase of ​12% per year beginning in the second year. What is the​ athlete's salary for year 5 of the​ contract?

Answer 1

First find 12% of 9,000,000 and which is

12

________ × 100 = 7,500

9,000,000

After finding the 12% multiply the 7,500 by 5 to know how much the professional baseball player would make in a five year period as increase.

7,500×5= 37,500

Add the result to the 9,000,000 and that is what the professional would get at the end of five years as a salary.

9,000,000 + 37,500= $9,037,500

(I tried to make it as simple as possible)