Justine earned $26,000 during the first year of her job at city hall. After each year she received a 3% raise. Find her total earnings during the first five years on the job.

Answer 1

This is a GP
where a = 26000
and r = 1.03

sum(5) = 26000(1.03^5 - 1)/(1/03-1
= $138,037.53