Question

A contract specifies that Marlyn Tabungaw will receive a 5% pay increase each year for the next 30 years. She is paid PHP 120 000 the first year. What is her total lifetime salary over a 30-year period

Answer 1

This is just a GP with
a = 120,000
r = 1.05
So S30 = 120(1.05^30 - 1)/.05 = 79,726,617.00