Alex started his career with the same firm 2 decades ago at an annual pay of $75,000. Each year, his raise averaged 2.5% per year. What is Alex's annual pay today in $? A rich grandma wants to endow a newborn granddaughter with $200,000 education fund when she turns 18. The grandma has found a bank that pays 5% interest annually. How much must the rich grandma deposit into the bank today to reach her goal of the education fund? When you joined your firm exactly a decade ago, your first annual pay was $100,000. Today, your annual pay is $200,000. What is your average annual raise in percent?