Question

if your starting salary is $50,000 and you receive a 4% increase at the end of every year, what is the total amount, in dollars, you will earn over the first 16 years that you work?

Answer 1

Hi there
The formula is
A=p (1+r)^t
A ?
P 50000
R 0.04
T 16 years
So
A=50,000×(1+0.04)^(16)
A=93,649

Best of luck!