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Posted by 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 - , 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 - , Monday, April 9, 2012 at 7:57pm

    Could you possibly elabarate a little on to how you got those numbers please :)
    thanks you!

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