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Elden [556K]
4 years ago
6

If your starting salary is $40000 and you receive a 3% increase at the end of every year, what is the total amount, in dollars,

you will earn one the first 16 years that you work
Mathematics
2 answers:
NISA [10]4 years ago
7 0

Answer:

Total amount in dollars= $64614.00

Step-by-step explanation:

Initial starting salary is $40000.

Rate of increase is 3%

Number of years is 16 years

The salary is compounded yearly.

Amount A after 16 years is given as

A= p (1+r/n)^ (nt)

A=40000(1+0.03/16)^(16*16)

A= 40000(1.001875)^(256)

A=40000(1.61534824)

A= 64613.92959

Total amount in dollars= $64614.00

joja [24]4 years ago
3 0

Answer: the answer is $806275

Step-by-step explanation:

A p e x

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