Asked by Peyton
A certain retiree currently receives $15,000 a year in Social Security. Each year his payment is increase by 3% to keep up with inflation. How much will the retiree collect in benefits over the next seven years? (Count this year as the first of the seven years.)
Answers
Answered by
Reiny
sum of
15000 + 15000(1.03) + 15000(1.03^2 + ... for 7 terms
sum = a(r^2 - 1)/(r-1)
= 15000( 1.03^7 - 1)/(1.03-1)
= 114,936.93
15000 + 15000(1.03) + 15000(1.03^2 + ... for 7 terms
sum = a(r^2 - 1)/(r-1)
= 15000( 1.03^7 - 1)/(1.03-1)
= 114,936.93
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