Note to self: compound interest increases geometrically, not a simple arithmetic progression. Thus the interest rate takes elapsed time as an EXPONENT, not as a multiplier.
Example: if a staff member's present hourly wage is $9.48, and increases 3% annually, their wage in year t will be:
Wt = $9.48 x (1 + 0.03)(t-1) , and not $9.48 x (1 + (0.03(t
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