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

## Answer this Question

## Related Questions

- 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 ...
- Math: Finance - Need help solving these finance questions? PV = C/r PV= C/r-g P...
- Maths - a man accepts a position with an initial salary of money $1800 per year ...
- introduction to finance - 2. Value of salary during a job interview. Pam ...
- Pre-calc - 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 ...
- math - pam is offered a salary of 28,000 a year for 30 years with annual raises ...
- Math - Jon begins a new job with an annual salary of $ 42,000 for his first year...
- Personal Finance - NEED HELP IMMEDIATELY, HAVE UNTIL 10P.M. CENTRAL TO HAVE ...

More Related Questions