Question

Justine earned $17,000 during the first year of her job at city hall. After each year she received a 4% raise. Find her total earnings during the first five years on the job.

Answer 1

= $17,000.00 + $17,000.00(1 + SUM[1.04]⁴) 
= $17,000.00(1 + 4.41632256) 
= $17,000.00(5.41632256) 
= $92,077.48 

Answer: $92,077.48

Answer 2

During the first five years on the job, Justine earned 93,776.06

What is percentage?

In mathematics, a percentage ratio that can be expressed as a fraction of 100.

According to the given problem,

For first year,

Salary = $17000

For second year,

Salary = 17000 + (0.04×17000)

          = $18080

For third year = 18,080 + (0.04 × 18080)

                      = $18,803.2

For fourth year = 18803.2 + (0.04 × 18803.2)

                         = $19555.3

For Fifth year = 19555.3 + (0.04 × 19555.3)

                       = $20,337.5

Total earnings = $ (17000 + 18080 + 18803.2 + 19555.3 + 20,375.5)

                        = $93,776.06

Hence, we can conclude, Justine earned a total of $93,776.06.

Learn more about percentage here: https://brainly.com/question/92258

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