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28 May, 22:18

If your starting salary is $50,000 and you receive a 4% 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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  1. 28 May, 23:16
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    Hi there

    The formula is

    A=p (1+r) ^t

    A?

    P 50000

    R 0.04

    T 16 years

    So

    A=50,000 * (1+0.04) ^ (16)

    A=93,649

    Best of luck!
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