Question

A company offers you a job with an annual salary of $70 000 for the first year and a 5% raise every year after. Approximately how much money in total would you earn in 5 years of working there?
$386794

$87500

$89340

$367500

Answer 1

Answer:

$386794

Step-by-step explanation:

To be able to find how much we get in 5 years, we need to base it off the initial salary value.

So in the first year we get.

$70,000

To get how much we get in the 2nd year we add the extra 5%.

2nd year salary = (1.05)70000

2nd year salary = 73500

Now we continue to do that until the 5th year

3rd year = (1.05)73500

3rd year = 77175

4th year = (1.05) + 77175

4th year = 81033.75

5th year = (1.05) + 81033.75

5th year = 85085.44

Now we add them all up to get the total.

70000 + 73500 + 77175 + 81033.75 + 85085.44 = $386794.19 or $386794