The average annual salary of the employees of a company in the year 2005 was $70,000. It increased by the same factor each year and in 2006, the average annual salary was $82,000. Let f(x) represent the average annual salary, in thousand dollars, after x years since 2005. Which of the following best represents the relationship between x and f(x)?f(x) = 70(1.17)x f(x) = 82(1.17)x f(x) = 70(2.2)x f(x) = 82(2.2)x
Accepted Solution
A:
82/70=1.17 approx. This is the annual growth factor. After x years the growth is 1.17Λ£. The growth has to be applied to the salary in the start year 2005, when it was $70,000. So f(x)=70(1.17)Λ£, answer 1.