The survey results from the National Association of Colleges and Employers (NACE) show the average annual increases in salaries for new accounting graduates to be 3.42% since the year 2000
If new starting salaries in accounting were $36,919 in 2000, what were they in 2011?
A) $45,757
B) $46,718
C) $53,444
D) $42,617
Answer: C
Explanation: C) FV = PV ∗ (1 + r)n = $36,919 ∗ (1.0342)11 = $53,444.10
MODE = END
INPUT 11 3.42 -36,919 0 ?
KEY N I/Y PV PMT FV
CPT 53,444.10
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