If your starting salary is 40,000 and you receive a 3% increase at the end of every year, what is the total amount, in dollars,
you will earn over the first 16 years that you work?
1 answer:
Answer:
$64188.26
Step-by-step explanation:
→ Calculate the increase in decimal multiplier
( 100 + 3 ) ÷ 100 = 1.03
→ Multiply this by the salary raised to the power of 16
40000 × ( 1.03 )¹⁶
→ Solve
$64188.26
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