Question

Justine earned $25,000 during the first year of her job at city hall. After each year she received a 6% raise. Find her total earnings during the first five years on the job.

Answer 1

geometric series
a = 25,000
r = 1.06
n = 5

sum = a (1-r^n)/(1-r)

= 25,000 ( -.338/-.06)
= (25,000)(5.637)
= $140,927.32