Question

If your starting salary were $40,000 and you received a 3% 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 worked? Round your answer to the nearest whole dollar.

Answer 1

y=a(1+r)^t

y=40000(1+0.03)^16=64188.26