Thomas earned $17,000 last year for his part time job. He expects to earn 4% more each year. How much money will Thomas have ear
ned after 5 years of working his part time job? (total)
1 answer:
Total earning of Thomas after 5 years is $92077.45
<u>Explanation:</u>
Given:
Principal, P = $17000
Rate of Interest, r = 4%
Time, t = 5 years
Interest, I = ?
We know,
Earning in 1st year = $17,000
Earning in second year = 
= $17680
Earning in 3rd year = 
= $18387.2
Earning in 4th year = 
= $19122.69
Earning in 5th year = 
= $19887.56
Thus,
Total earning = $17,000 + $17680 + $18387.2 + $19122.69 + $19887.56
= $92077.45
Therefore, total earning of Thomas after 5 years is $92077.45
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