Question

Suppose you sign a contract for an annual salary of $50,000 with a guaranteed raise of 5% each year.
1.Write your salary for the next n years as a geometric sequence in explicit form.
2.What will your salary be in year 5?
3.How much will you have earned in total salary by the end of your 10th year?
I got 2.60,000 3.70,000

Answer 1

an = a r^(n-1)

= 50,000 (1.05)^(n-1)

a5 = 50,000 (1.05)^4 = 60,775.31

sum 1 to 10
= a (1-r^n)/(1-r)
= 50,000 (1-1.05^10)/(-.05)
= 50,000 ( -.6289 / -.05)
= 628,894.63