Answer :
The percent increase in the salary after n years relative to the initial salary of $60,000 is (1.15ⁿ - 1) × 100
To calculate the percent increase of the vice president's salary, we need to compare the salary at a given point with the initial salary.
Let's assume the initial salary is S(0), which represents the salary when the vice president first became a vice president.
According to the given formula, the salary after n years is given by S(n) = 60000(1.15)ⁿ.
The percent increase can be calculated using the formula:
Percent Increase = ((S(n) - S(0)) / S(0)) × 100
Substituting the values into the formula, we get:
Percent Increase = ((60000(1.15)ⁿ - S(0)) / S(0)) × 100
Since the initial salary is not explicitly provided, we can't calculate the exact percent increase. However, we can calculate the percent increase relative to the initial salary. If we assume the initial salary to be $60,000 (as given in the formula), we can substitute this value into the formula:
Percent Increase = ((60000(1.15)ⁿ - 60000) / 60000) × 100
Simplifying the expression, we have:
Percent Increase = (1.15ⁿ - 1) × 100
This formula calculates the percent increase in the salary after n years relative to the initial salary of $60,000.
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