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21 March, 07:06

If starting salary is 40,000 and you receive a 3% increase at the end of the year what is the total amount in dollars you will earn over the first 16 years that you work

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  1. 21 March, 07:15
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    A=p (1+r) ^t

    A the amount after 16 years

    P current amount 40000

    R rate 0.03

    T time 16 years

    A=40,000 * (1+0.03) ^ (16)

    A=64,188.26
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