Question

if your salary is $40,000 and you recieve 3% increase at the end of every year, what is the total amount in dollars you will earn over the 16 years that you work

Answer 1

So we are going to start out with $40,000 so if she gets a %3 increase every year.

1: $40,000

2: $41,200

3: $42,436

4: $43,709.08

5: $45,020.3524

6: $46,370.96

7: $47,762.0918612

8: $49,194.954617

9: $50,670.8032555

10: $52,190.9273532

11: $53,756.6551738

12: $55,369.354829

13: $57,030.4354738

14: $58,741.3485381

15: $60,503.5889942

16: $62,318.696664 <===

So your Answer would be $62,318 (without any cents) If you need the cents i made a arrow on the One. Hope this helps :D

Answer 2

Use the formula PRT (principal x rate x time.) the principal is 40,000 times the rate 0.03 (3% in its decimal form.) is 1200 times the time 16(years) = 19200+40000= 59200. 59200 is the total amount of money you will earn after 16 years with a 3% interest rate. Sorry if I didn’t explain this very well.