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Mathematics and Statistics Assessment Videos 200 videos

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TSI Math: Calculating Ellie's Original Wages After Three Raises 5 Views


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Description:

Ellie has been working the same job for the past three summers. Each summer, she's earned a 10% raise. Her current wage is $16 per hour. What was her hourly wage three summers ago?


Transcript

00:02

Okay sy match members third of five in this section

00:05

Here we go here's the question Ellie has been working

00:07

the same Job for the past 3 summers Each summer

00:10

she's earned a ten percent raise her current wages Sixteen

00:13

bucks an hour What was her hourly wage three summers

00:17

ago Well let's see let's let x be eli's original

00:26

hourly wage which we don't know yet when she first

00:29

began working right someone's got to pay the rent for

00:31

mom You know she's off gallivanting All right well after

00:34

eli's first ten percent raise her new wage became acts

00:38

that old wage plus point one ex writer one point

00:41

one x and then each raise multiplies her Hey by

00:44

one point one kind of compounds away right So since

00:47

she had three raises while the equations here one point

00:50

one time one point one one point one times x

00:54

is sixteen so we got one point three three one

00:57

x equals sixteen and we've gotta divide both sides by

01:02

one point three three one and we get well Acts

01:05

equal 16 of our hand and that's twelve point o

01:08

too So eli's hourly wage three summers ago was twelve

01:12

point Oh too And well the answer there is a

01:15

and the finance e way to do this would have

01:17

just been to take her current number sixteen dollars figure

01:21

Put it in the numerator and divide by the number

01:23

of previous years Calm pounded that you're going to do

01:26

discount that money back to it's a discounted cash flow

01:29

trick and that would have been one point One two

01:31

The third power gets you the same answer but looks

01:35

way cooler on a test All right that's it it's 00:01:37.124 --> [endTime] a twelve oh two

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