To calculate the total amount of money earned over 21 years, we need to sum up the salary for each year.
The formula to calculate the salary for each year is:
Salary for year n = Initial salary * (1 + yearly increase percentage)^n
where n is the year number.
Plugging in the values, we get:
Salary for year 1 = $82,000
Salary for year 2 = $82,000 * (1 + 0.03)^1 = $84,460
Salary for year 3 = $82,000 * (1 + 0.03)^2 = $87,033.80
Continuing this calculation for all 21 years, the total amount of money earned over the 21 years is approximately $2,561,463.
Samir was offered a job that paid a salary of dollar sign, 82, comma, 000$82,000 in its first year. The salary was set to increase by 3% per year every year. If Samir worked at the job for 21 years, what was the total amount of money earned over the 21 years, to the nearest whole number?
1 answer