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?
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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.