Lilmike234
  • Lilmike234
If your starting salary were 50,000 and you recieved a 4% increase at the end of every year for 15 years, what would be the total amount in dollars, you would have earned over the first 16 years that you would have worked?
Mathematics
schrodinger
  • schrodinger
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Lilmike234
  • Lilmike234
So my answer would be 11,250?
Lilmike234
  • Lilmike234
*11,250,000
mathstudent55
  • mathstudent55
\(~~~a_1~~~~ +~~~~ a_2~~~+ ~~~~a_3~~~ +~ ... +~~~~~ a_{16} \) \(50,000 + 52,000 + 54,080 +~ ...+ 90,047.17\) \(\Large S = a_1\times \dfrac{1 - r^n}{1 - r} \) where \(a_1\) = the first term r = the common ratio, and n = the number of terms \(\Large S = 50,000 \times \dfrac{1 - (1.04)^{16}}{1 - 1.04}\) \(\Large S = 1,091,226.56\)

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