Asked by Canary
A job pays a salary of 35,000 the first year. During the next 10 years, the salary increases by 4% each year. What is the salary for the 11th year? What is the total salary over the 11 year period? (Round to the nearest cent.)
Answers
Answered by
Reiny
salary 1st year = 35000
salary 2nd year = 35000(1.04)
salary 3rd year = 35000(1.04)^2
...
salary 11th year = 3500(1.04)^10 = 51,808.55
sum of 11 terms of this GS
a = 35000
r = 1.04
sum(11) = a(r^11 - 1)/(r-1)
= 35000( 1.04^11 - 1)/(1.04 - 1) = 472,022.30
salary 2nd year = 35000(1.04)
salary 3rd year = 35000(1.04)^2
...
salary 11th year = 3500(1.04)^10 = 51,808.55
sum of 11 terms of this GS
a = 35000
r = 1.04
sum(11) = a(r^11 - 1)/(r-1)
= 35000( 1.04^11 - 1)/(1.04 - 1) = 472,022.30
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