A company pays each of its employees $600 in a month. The company has a policy of increasing the salaries of each of its employees by 10% of the initial salary every year for those who've stayed in the company for five years. If Sylvie just clocked 5 years in the company last December, what's her annual salary after three more years of service?
In a month, Sylvie earns $600. which totals $600/month * 12 months/year = $7200 in a year.
Sylvie earnings will increase by 10/100 * $7200/year = $<<10/100*7200=720>>720/year after 5 years.
In three years, the total increase in her salary will be 3 years * $720/year = $<<3*720=2160>>2160
After three years, Sylvie will be paid $7200 + $2160 = $<<7200+2160=9360>>9360
#### 9360