Finance

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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 -

    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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