Justine earned $26,000 during the first year of her job at city hall. After each year she received a 3% raise. Find her total earnings during the first five years on the job. (1 point)

$138,037.53
$1,004,704.20
$4,020.51
$108,774.30

Please Help .. Confused !

Question

Justine earned $26,000 during the first year of her job at city hall. After each year she received a 3% raise. Find her total earnings during the first five years on the job.  (1 point)

$138,037.53
$1,004,704.20
$4,020.51
$108,774.30

 Please Help .. Confused !

anonymous · Answer

first year 26k + second year 26k(1.03) +third year 26k(1.03)^2......

compounding = P(1+r/100)^T