5. Exponential Functions

Mohamad has just started a new job, where his starting salary is $\$50000$$50000 per year and is expected to increase by $3.2%$3.2% each year. Elizabeth has also just started a new job, which has a starting salary of $\$49000$$49000 per year and is expected to increase at a rate of $6.1%$6.1% each year.

a

Write an equation for $M$`M`, Mohamad’s salary in $t$`t` years time.

b

Write an equation for $P$`P`, Elizabeth’s salary in $t$`t` years time.

c

How much greater will Elizabeth's salary be in $6$6 years' time than Mohamad's? Give your answer correct to the nearest cent.

d

Over the long term, whose salary will increase more rapidly?

Mohamad's

A

Elizabeth's

B

Mohamad's

A

Elizabeth's

B

Easy

Approx 5 minutes

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Interpret the parameters in a linear or exponential function in terms of a context.