10% of what is 7???!!!
1 answer:
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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.
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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.
