Posted by **Maya** on Monday, April 9, 2012 at 1:42pm.

An investment firm has a job opening with a salary o $30,000 for the first year. Suppose that during the next 39 years, there is a 5% raise each year. Find the total compensation over the 40-year period.

- Pre-calc -
**Steve**, Monday, April 9, 2012 at 2:41pm
30000 (1 + 1.05 + 1.05^2 + ... + 1.05^39)

30000 (1.05^40 - 1)/(1.05 - 1) = 3,623,993.23

- Pre-calc -
**Maya**, Monday, April 9, 2012 at 7:57pm
Could you possibly elabarate a little on to how you got those numbers please :)

thanks you!

## Answer this Question

## Related Questions

- Finance - A job pays a salary of 35,000 the first year. During the next 10 years...
- math - Justine earned $25,000 during the first year of her job at city hall. ...
- Precalc - A woman made $45,000 during the first year of her new job at city hall...
- math - a job pays a salary of $19,00 the first year. during the next 10 years ...
- math - at the start of your school year as a veterinary tech, you receive a ...
- Word Problem - Check Answer (geometric Seq) - 1) Suppose five people are ill ...
- algebra - Tom and Jerry were offered similar jobs at competing companies. Sony ...
- math - Jacie is considering a job that offers a monthly starting salary of $...
- math - suppose that an employee ears $28,000 in the first year on the job. Each ...
- math - Sally Rogers, an employee of Advanced Ideas, Inc. has a gross salary of $...

More Related Questions