Justine earned $26,000 during the first year of her job at city hall. After each year she received a 3% raise. Find her total
earnings during the first five years on the job.
(1 point)
$138,037.53
$1,004,704.20
$4,020.51
$108,774.30
To find Justine's total earnings during the first five years on the job, we can calculate each year's earnings and then add them together.
Year 1: $26,000
Year 2: $26,000 + 3% of $26,000 = $26,780
Year 3: $26,780 + 3% of $26,780 = $27,598.40
Year 4: $27,598.40 + 3% of $27,598.40 = $28,456.77
Year 5: $28,456.77 + 3% of $28,456.77 = $29,355.48
Total earnings for the first five years = $26,000 + $26,780 + $27,598.40 + $28,456.77 + $29,355.48 = $137,190.65
Therefore, Justine's total earnings during the first five years on the job would be closest to $137,190.65. None of the options given are exact, but the closest option is $138,037.53. So the closest answer would be:
$138,037.53