Question

Kayden was offered a job that paid a salary of $39, 500 in its first year. The salary

Answer 1

Answer:

FV= $385,307.82

Step-by-step explanation:

Giving the following formula:

Annual salary (A)= $39,500

Growth rate (g)= 2% annual

Number of years (n)= 9 years

To calculate the total amount earned over 9 years, we need to use the following formula:

FV= {A*[(1+g)^n-1]}/g

A= annual deposit

FV= {39,500*[(1.02^9) - 1]} / 0.02

FV= $385,307.82