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Andre45 [30]
1 year ago
8

If your starting salary is $50,000 and you receive a 4%increase at the end of every year, what is the total amount, indollars, y

ou will earn over the first 16 years that you work?Round your answer to the nearest whole dollar, and expressyour answer without using commas.

Mathematics
1 answer:
Softa [21]1 year ago
4 0
Answer

Total amount earned after 16 years = $93649

Explanation:

The principal, P = $50,000

Interest rate, r = 4% = 4/100

r = 0.04

The time, t = 16 years

Number of times intesrest is compounded per year, n = 1

Total amount is calculated below:

\begin{gathered} A=P(1+r)^t \\  \\ A=50000(1+0.04)^{16} \\  \\ A=50000(1.04)^{16} \\  \\ A=\$93649 \end{gathered}

Total amount earned after 16 years = $93649

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