Robbie, a structural engineer, will earn $64,000 his first year working for a commercial construction company with annual raises of 8%. What are his total earnings at the end of 5 years?

Total earnings at the end of 5 years

= $87071.293

Step-by-step explanation:

First year

$64,000

Second year

$64,000 + 8% of previous year

= $64,000 + 0.08*$64,000

= $69120

Third year

$69120 + 8% of previous year

= $69120 + 0.08*$69120

= $74649.6

Fourth year

$74649.6 + 8% of previous year

= $74649.6 + 0.08*$74649.6

= $80621.568

Fifth year

$80621.568 + 8% of previous year

= $80621.568 + 0.08*$80621.568

= $87071.293