When Eduardo was hired as an entry-level coder at HectoTech Industries, his starting salary was $60,000. His contract states that he will earn a salary raise each year he meets his productivity goals. After working at HectoTech for one year and successfully meeting his productivity goals, Eduardo got a raise to $63,000.
Write an exponential equation in the form y=a(b)x that can model Eduardo's salary, y, x years after he started working at HectoTech Industries, assuming he continues to meet his productivity goals each year.
Use whole numbers, decimals, or simplified fractions for the values of a and b.
y =
60,000(1.05)x
If Eduardo continues to meet his productivity goals each year, how many years after he was hired will his salary reach $80,000?
years