Alexander was offered a job that paid a salary of $24,000 in its first year. The salary was set to increase by 4% per year every

Question

Studentka2010 [4]

2 years ago

11

Alexander was offered a job that paid a salary of $24,000 in its first year. The salary was set to increase by 4% per year every

year. If Alexander worked at the job for 5 years, what was the total amount of money earned over the 5 years, to the nearest whole number?

Mathematics

1 answer:

qwelly [4] · Answer 1 · 2022-10-21T13:33:22+03:00

9514 1404 393

Answer:

$129,992

Step-by-step explanation:

The sum of a geometric series is given by ...

Sn = a1·(r^n -1)/(r -1)

Here, the first term is 24000, and the growth factor r is 1+4% = 1.04. The sum is then ...

S5 = 24000·(1.04^5 -1)/(1.04 -1) ≈ 129992

The total earned over 5 years was $129,992.

___

A spreadsheet can list the annual salaries and add them up. The salary each year is 1.04 times that of the previous year. That is shown in the attachment.