Open study

is now brainly

With Brainly you can:

  • Get homework help from millions of students and moderators
  • Learn how to solve problems with step-by-step explanations
  • Share your knowledge and earn points by helping other students
  • Learn anywhere, anytime with the Brainly app!

A community for students.

A job pays a salary of $25,000 the first year. During the next 22 years, the salary increases by 6% each year. What is the total lifetime salary over the 23-year period?

I got my questions answered at in under 10 minutes. Go to now for free help!
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly


Get your free account and access expert answers to this and thousands of other questions

\[tls = 25000(1.06)^{y-1}\]
so, when y=1, after the first year, he makes a salary of $25000. After that, his salary compounds at a rate of 6% per year, until y=23.
Also, remember that this equation calculates what his final salary is; not what he made over a 23 year period, lol

Not the answer you are looking for?

Search for more explanations.

Ask your own question

Other answers:

Maybe it would be better too look at it this way: "During" year 1: \[salary = 25000 *1.06^{1-1} = 25000*1 = $25000\] Salary during year 2: \[salary = 25000*1.06^{2-1} = 25000*1.06\] Salary during year 3: \[salary = 25000*1.06^{3-1} = 25000*1.06*1.06\] Salary during year 4: \[salary = 25000*1.06^{4-1} = 25000*1.06*1.06*1.06\] ...Until year 23, when you have multiplied the salary the individual received during his first year of 25000 buy 1.06 (or an increase of 6%) 22 times for each year his salary increases. The final amount is approximately: $90, 088.44
Thank you for your help. I was in the process of working it once my Aunt showed me how to do it, and I got the same thing. Thank you so much!

Not the answer you are looking for?

Search for more explanations.

Ask your own question