If your starting salary is $40,000 and you recieve 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?

Round your answer to the nearest whole dollar, and express your answer without using commas.

Question

19 December, 20:37

+2

Answers (1)

Know the Answer?

Catherine · Answer 1

A=p (1+r) ^t

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

A=64,188.26

If your starting salary is $40,000 and you recieve 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?Round your answer to the nearest whole dollar, and express your answer without using commas.