A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • one year ago

A college graduate expects to earn a salary of $50,000 during the first year after graduation and receive a 3% raise every year after that. What is the total income he will have received after ten years? A. $640,389.78 B. $573,193.97 C. $515,000.00 D. $507,955.31

  • This Question is Closed
  1. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    @Hero @mathmate

  2. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Initial salary is 50, 000 for the 1st year, 3 % of 50,000 is 15,000.. so for the 2nd year, 50,000 + 3% raise (15,000) = 65,000 so for the 3rd year is getting the 3% of 65,000 then add them up. Once you get the final answer get the 3% of that and repeat the steps until you reached the 10th year.

  3. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    what is the equation?

  4. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    @HWBUSTER00

  5. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    \[S _{n}=a _{1}\frac{ 1-r^n }{ 1-r }\]

  6. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    That's a geometric series where a1 is the $50000 he makes in the 1st year and r = 0.03, the raise

  7. sepeario
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ^^ such sophistication lol :)

  8. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    what do i put in the variables?

  9. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    well .. they got here first. LOL

  10. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    rather, 1.03 for r and 50000 for a1

  11. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    okay. i got $573,193.97 is that right?

  12. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yes

  13. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yay thank you!

  14. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

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
  • 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.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.