Question

PLEASE HELP!!!
Jeannette's starting salary is $25,000 a year. She will get a 4% raise annually. How much money will she have made after 7 years?
A. $165,824.39
B. $197,457.36
C. $230,355.66
D. $256,355.66

Answer 1

You have to sum the terms of a geometric series,
\[a_n=25000\left(1+\frac{4}{100}\right)^{t-1}\] from t=1 to t=7. That gives,
\[S=25000\frac{1-1.04^{t+1}}{1-1.04}=197457\]

Answer 2

Thank you so much!!