what would be the cost of living increase at 3% on hourly wage of $29.41

Question

having not had a raise in 4 years, I need to find out what my hourly wage would be now if I had had cost of living increases each year.

Answer 1

3% wage increase, starting at $29.41, once per year, for 4 years.

A 3% wage increase means your wages become 103% of what they were before the increase. 103% = 1.03, so that means we multiply your wages by 1.03.

Once per year for 4 years means we multiply your wages by 1.03 four times, * 1.03 * 1.03 * 1.03 * 1.03 or just * 1.03^4.

$29.41 * 1.03^4

$33.10