What is 2/3 in a percent
2 answers:
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Initial salary = $50,000 .
Rate of raise = 5% each year.
Therefore, each next year salary would be 105% that is 1.05 times.
5% of 50,000 = 0.05 × 50000 = 2500.
Therefore raise is $2500 each year.
According to geometric sequence first term 50000 and common ratio 1.05.
Applying geometric sequence formula
1)
2) In order to find salary in 5 years we need to plug n=5, we get
= 50000(1.21550625)
<h3>=$60775.3125.</h3>3) In order to find the total salary in 10 years we need to apply sum of 10 terms formula of a geometric sequence.
Plugging n=10, a = 50000 and r= 1.05.
= 628894.62678.
<h3>Therefore , you will have earned $ 628894.62678 in total salary by the end of your 10th year.</h3>