Cassandra starts working for a company for an annual salary of $30,000.If she earns a 2% raise at the end of each year, what will her total earnings be after five years?
She gets four raises
30,000 (1 +1.02 +1.02^2 +1.02^3+1.02^4)
You could just calculate that out or do it as a geometric sequence.
I do not understand what you did.
To find Cassandra's total earnings after five years, we can calculate her salary every year and sum them up.
First, let's find Cassandra's salary for each year:
Year 1: $30,000 (initial salary)
Year 2: $30,000 + 2% of $30,000
Year 3: Previous year's salary + 2% of previous year's salary
Year 4: Previous year's salary + 2% of previous year's salary
Year 5: Previous year's salary + 2% of previous year's salary
Now, let's calculate Cassandra's salary for each year:
Year 1: $30,000
Year 2: $30,000 + 0.02 * $30,000 = $30,000 + $600 = $30,600
Year 3: $30,600 + 0.02 * $30,600 = $30,600 + $612 = $31,212
Year 4: $31,212 + 0.02 * $31,212 = $31,212 + $624.24 = $31,836.24
Year 5: $31,836.24 + 0.02 * $31,836.24 = $31,836.24 + $636.7248 = $32,472.9648
Finally, let's calculate Cassandra's total earnings by summing up her salaries for each year:
Total earnings = Year 1 salary + Year 2 salary + Year 3 salary + Year 4 salary + Year 5 salary
= $30,000 + $30,600 + $31,212 + $31,836.24 + $32,472.9648
≈ $156,121.20
Therefore, Cassandra's total earnings after five years would be approximately $156,121.20.