Question

An investment firm has a job opening with a salary o $30,000 for the first year. Suppose that during the next 39 years, there is a 5% raise each year. Find the total compensation over the 40-year period.

Answer 1

30000 (1 + 1.05 + 1.05^2 + ... + 1.05^39)

30000 (1.05^40 - 1)/(1.05 - 1) = 3,623,993.23

Answer 2

Could you possibly elabarate a little on to how you got those numbers please :)
thanks you!

Answer 3

yes nisisd