If your starting salary were 35000 and you received a 6% 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?

Question

Mathematics

Darien Spence

24 September, 05:49

If your starting salary were 35000 and you received a 6% 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?

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Marina Duarte · Answer 1

A=P (1+r) ⁿ, where P = the initial amount, r = rate of change in %, n = number of years and A = The new amount:

A = 35,000 (1+6%) ¹⁶ = 35,000 (1+0.06) ¹⁶ = 35,000 (1.06) ¹⁶ = $88,912.31 at the end of the 16th year