Samir was offered a job that paid a salary of dollar sign, 82, comma, 000$82,000 in its first year. The salary was set to increase by 3% per year every year. If Samir worked at the job for 21 years, what was the total amount of money earned over the 21 years, to the nearest whole number?
To calculate the total amount of money earned over 21 years, we need to sum up the salary for each year.
The formula to calculate the salary for each year is:
Salary for year n = Initial salary * (1 + yearly increase percentage)^n
where n is the year number.
Plugging in the values, we get:
Salary for year 1 = $82,000
Salary for year 2 = $82,000 * (1 + 0.03)^1 = $84,460
Salary for year 3 = $82,000 * (1 + 0.03)^2 = $87,033.80
Continuing this calculation for all 21 years, the total amount of money earned over the 21 years is approximately $2,561,463.