Question

If your starting salary is $40,000 and you receive a 3% increase at the end of every year, what is the total amount, in dollars, you will earn over the first 16 years that you work?

Round your answer to the nearest whole dollar, and express your answer without using commas.

Answer 1

Answer:

SEE BELOW      PLEASE GIVE BRAINLIEST

Step-by-step explanation:

YEAR 1:  40000 X .03 = 1200       40,000 + 1200 = 41200

YEAR 2: 41,200 X .03 = 1236        41,200 + 1236 = 42436

YEAR 3: 42436 X .03 = 1273.08    42436 + 1273.08 = 43709.08

YEAR 4: 43709.08 x .03 = 1311.27    43709.08 + 1311.27 = 45020.35

YEAR 5: 45020.35 X .03 = 1350.61    45020.35 + 1350.61 = 46370.96

YEAR 6: 46370.96 X .03 = 1391.13         46370.96 + 1391.13 = 47762.09

YEAR 7: 47762.09 X .03 = 1432.86       47762.09 + 1432.86 = 49194.95

YEAR 8: 49194.95 X .03 = 1475.85        49194.95 + 1475.85 = 50670.80

YEAR 9: 50670.80 X .03 =  1520.12         50670.80 + 1520.12 = 52190.92

YEAR 10: 52190.92 X .03 = 1565.73         52190.92 + 1565.73 = 53756.65

YEAR 11: 53756.65 X .03 = 1612.70             53756.65 + 1612.70 = 55369.35

YEAR 12: 55369.35 X .03 = 1661.08           55369.35 + 1661.08 = 57030.43

YEAR 13: 57030.43 X .03 = 1710.91            57030.43 + 1710.91 = 58741.34

YEAR 14: 58741.34 X .03 = 1762.24            58741.34 + 1762.24 = 60503.58

YEAR 15: 60503.58 X .03 = 1815.11           60503.58 + 1815.11 = 62318.69

YEAR 16: 62318.69 X .03 = 1869.56         62318.69 + 1869.56 = $64,188.25 = $64188

Answer 2

$806275, hope this helps!