A community for students.
Here's the question you clicked on:
 0 viewing
StephyNea
 2 years ago
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 23year period?
StephyNea
 2 years ago
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 23year period?

This Question is Closed

ambius
 2 years ago
Best ResponseYou've already chosen the best response.1\[tls = 25000(1.06)^{y1}\]

ambius
 2 years ago
Best ResponseYou've already chosen the best response.1so, 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.

ambius
 2 years ago
Best ResponseYou've already chosen the best response.1Also, remember that this equation calculates what his final salary is; not what he made over a 23 year period, lol

ambius
 2 years ago
Best ResponseYou've already chosen the best response.1Maybe it would be better too look at it this way: "During" year 1: \[salary = 25000 *1.06^{11} = 25000*1 = $25000\] Salary during year 2: \[salary = 25000*1.06^{21} = 25000*1.06\] Salary during year 3: \[salary = 25000*1.06^{31} = 25000*1.06*1.06\] Salary during year 4: \[salary = 25000*1.06^{41} = 25000*1.06*1.06*1.06\] ...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

StephyNea
 2 years ago
Best ResponseYou've already chosen the best response.0Thank 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!
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.