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)/(r-1)

= 35000( 1.04^11 - 1)/(1.04 - 1) = 472,022.30

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