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Lera25 [3.4K]
3 years ago
11

Aaron was offered a job that paid a salary of \$57,000$57,000 in its first year. The salary was set to increase by 1% per year e

very year. If Aaron worked at the job for 29 years, what was the total amount of money earned over the 29 years, to the nearest whole number?
Mathematics
1 answer:
Jobisdone [24]3 years ago
8 0

Answer:

The total amount received is: $1906650

Step-by-step explanation:

Given

a = \$57000 --- initial

b = 1\% --- rate

n = 29 --- time

Required

Determine the total amount at the end of 29 years

The given question is an illustration of geometric progression, and we are to solve for the sum of the first n terms

Where n = 29

r = 1 + b

r = 1 + 1\%

Express percentage as decimal

r = 1 + 0.01

r = 1.01

The required is the calculated using:

S_n = \frac{a(r^n - 1)}{r - 1}

So, we have:

S_n = \frac{57000 * (1.01^{29} - 1)}{1.01 - 1}

S_n = \frac{57000 * (1.3345- 1)}{0.01}

S_n = \frac{57000 * 0.3345}{0.01}

S_n = \frac{19066.5}{0.01}

S_n = 1906650

<em>The total amount received is: $1906650</em>

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You invested $7,000 into a money market account for 10 years at an annual interest rate of 3%. How much is the accrued interest?
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The total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.

<h3>What is invested amount?</h3>

An investment is a payment made to acquire the securities of other firms with the intention of making a profit.

We are assuming the interest will be compounded annually

\rm A = P(1+\dfrac{r}{n})^{nt}

Where A = Final amount

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          n = how many times interest is compounded per year

          t = How long the money is deposited or borrowed (in years)

We have:

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Learn more about the invested amount here:

brainly.com/question/16995381

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We know that
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(52π/5)-----> 10.4π<span>
so
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the answer is
the positive angle less than one revolution around the unit circle that is co-terminal with angle of 52π/5 is 2π/5

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Read 2 more answers
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