Question

Justine earned $17,000 during the first year of her job at city hall. After each year she received a 4% raise. Find her total earnings during the first five years on the job.

Answer 1

= $17,000.00 + $17,000.00(1 + SUM[1.04]⁴) 
= $17,000.00(1 + 4.41632256) 
= $17,000.00(5.41632256) 
= $92,077.48 

Answer: $92,077.48

Answer 2

The answer is $92,077.48