Jamison just started a new job as a firefighter earning an annual salary of $38,500.00. His contract states that he will receive a 3% salary increase every year after his first year on the job. Find Jamison’s total earnings over the course of his first six years as a firefighter.

Question

(1 point)
Responses

$204,401.73
$204,401.73

$44,632.05
$44,632.05

$249,033.78
$249,033.78

$14,014,000.00
$14,014,000.00

Answer 1

To calculate Jamison's total earnings over the course of his first six years as a firefighter, we need to account for his initial salary and the annual 3% salary increases that occur starting from his second year.

1. Year 1 Salary: $38,500.00
2. Year 2 Salary: $38,500.00 * (1 + 0.03) = $38,500.00 * 1.03 = $39,555.00
3. Year 3 Salary: $39,555.00 * (1 + 0.03) = $39,555.00 * 1.03 = $40,617.65
4. Year 4 Salary: $40,617.65 * (1 + 0.03) = $40,617.65 * 1.03 = $41,698.89
5. Year 5 Salary: $41,698.89 * (1 + 0.03) = $41,698.89 * 1.03 = $42,789.34
6. Year 6 Salary: $42,789.34 * (1 + 0.03) = $42,789.34 * 1.03 = $43,889.83

Now, let's find Jamison's total earnings over the six years by adding all his yearly salaries:

• Year 1: $38,500.00
• Year 2: $39,555.00
• Year 3: $40,617.65
• Year 4: $41,698.89
• Year 5: $42,789.34
• Year 6: $43,889.83

Now, summing these amounts:

\[ Total = 38,500.00 + 39,555.00 + 40,617.65 + 41,698.89 + 42,789.34 + 43,889.83 \]

Calculating this step-by-step:

1. \(38,500.00 + 39,555.00 = 78,055.00\)
2. \(78,055.00 + 40,617.65 = 118,672.65\)
3. \(118,672.65 + 41,698.89 = 160,371.54\)
4. \(160,371.54 + 42,789.34 = 203,160.88\)
5. \(203,160.88 + 43,889.83 = 247,050.71\)

Thus, Jamison's total earnings over the course of his first six years as a firefighter is $247,050.71.

None of the available responses match this calculation, but based on the options given, $249,033.78 is the closest amount, although it's not accurate based on the calculated figures.

Please double-check the responses provided or the initial inputs if that’s necessary for the context of your question.