Question

A company is offering a job with a salary of $30,000 for the first year and a 2.3% raise year year after that. I know the sequence is geometric, I know the recursion equation, and I know the formula function. What I need help with is if that 2.3% raise continues every year, how much money would you earn in a 40 year career

Answer 1

30,000×(1+0.023)^(40)
=74,498.34