Posted by Canary on Friday, August 9, 2013 at 11:08pm.
A job pays a salary of 35,000 the first year. During the next 10 years, the salary increases by 4% each year. What is the salary for the 11th year? What is the total salary over the 11 year period? (Round to the nearest cent.)

Finance  Reiny, Saturday, August 10, 2013 at 8:23am
salary 1st year = 35000
salary 2nd year = 35000(1.04)
salary 3rd year = 35000(1.04)^2
...
salary 11th year = 3500(1.04)^10 = 51,808.55
sum of 11 terms of this GS
a = 35000
r = 1.04
sum(11) = a(r^11  1)/(r1)
= 35000( 1.04^11  1)/(1.04  1) = 472,022.30
Answer This Question
Related Questions
 math  a job pays a salary of 18,000 the first year. during the next 18 years,...
 math  a job pays a salary of $19,00 the first year. during the next 10 years ...
 Math  Every employee's salary at the Sunrise Software Company increases each ...
 PreCalculas help  Suppose you sign a contract for an annual salary of $50,000 ...
 Math: Finance  Need help solving these finance questions? PV = C/r PV= C/rg P...
 Maths  a man accepts a position with an initial salary of money $1800 per year ...
 Precalc  An investment firm has a job opening with a salary o $30,000 for the ...
 GP Calculus  Muthu started working at a company on 1 January 2002 with an ...
 introduction to finance  2. Value of salary during a job interview. Pam ...
 Advanced Algebra  salary increases: A man gets a job with a salary of $30000 a ...
More Related Questions