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)
Responses
$138,037.53
$138,037.53
$1,004,704.20
$1,004,704.20
$4,020.51
$4,020.51
$108,774.30
To find Justine's total earnings during the first five years on the job, we can calculate her earnings year by year, including the 3% raise each year.
Year 1: $26,000
Year 2: $26,000 + 3% of $26,000 = $26,000 + $780 = $26,780
Year 3: $26,780 + 3% of $26,780 = $26,780 + $803.40 = $27,583.40
Year 4: $27,583.40 + 3% of $27,583.40 = $27,583.40 + $827.50 = $28,410.90
Year 5: $28,410.90 + 3% of $28,410.90 = $28,410.90 + $852.33 = $29,263.23
Total earnings over 5 years:
$26,000 + $26,780 + $27,583.40 + $28,410.90 + $29,263.23 = $138,037.53
Therefore, Justine's total earnings during the first five years on the job would be $138,037.53.