Answer:
[tex]\$63,163.16[/tex]
Step-by-step explanation:
we know that
The equation of a exponential growth function is equal to
[tex]y=a(1+r)^x[/tex]
where
y is the average annual salary
x is the number of years
r is the rate of change
a is the initial value
In this problem we have
[tex]a=58,353\\r=2\%=2/100=0.02[/tex]
substitute
[tex]y=58,353(1+0.02)^x[/tex]
[tex]y=58,353(1.02)^x[/tex]
For x=4 years
[tex]y=58,353(1.02)^4=\$63,163.16[/tex]
