if you're starting salary were $35000 and you received a 6% increase at the end of every year for 15 years, what would be the total amount, in dollars, you would have earned over the first 16 years that you worked? (round the answer to the nearest whole dollar.)

Question

solomonzelman · Answer

6% of simple interest, with a principal of 35000 ?

samsan9 · Answer

yes for 15 years

solomonzelman · Answer

do you add 6% from everything, or every year, just from 35000 ?

samsan9 · Answer

i am assuming i do i guess i have to add 6% for every year

solomonzelman · Answer

if you combine it every year, then it is just a geometric sequence, with $\normalsize\color{black}{    a_{1}   }$ 35000
and common ratio of $\normalsize\color{black}{    1.06   }$

samsan9 · Answer

well this chapter is all about geometric sequences

samsan9 · Answer

what if i multiply it?

solomonzelman · Answer

if you don't, and take 6% of 35000 each time,

$\normalsize\color{black}{    35000 \times 0.06   =2100 }$

solomonzelman · Answer

so you just make 38000 each of the last 15 years, and made 35000 the first year.

solomonzelman · Answer

So, what you have is a geometric sequence, as I said above, you just need to find the sum of a geometric sequence.

samsan9 · Answer

when i plug it into the formula is it 1.06 or .06?

samsan9 · Answer

@SolomonZelman

samsan9 · Answer

i got 118879.54 is it correct?

samsan9 · Answer

?

samsan9 · Answer

@SolomonZelman

solomonzelman · Answer

for geometric sequence, since you are taking 106% each time, you have a common ratio of 1.06

samsan9 · Answer

well no i got 898538 do you believe that this is correct?

samsan9 · Answer

?

anonymous · Answer

That looks correct to me.

anonymous · Answer

that is correct.