If your starting salary were $35,000 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 your answer to the nearest whole dollar, and express your answer without using commas.

The first 15 years you made a total of 35k * ( 1.06^15 - 1)/(1.06 -1) = $814658.9459.

If you work 16 years and assuming that you had again the 6% increase in the 16th year, then you have a total of 35k * ( 1.06^16 - 1)/(1.06 -1) =$898538

Question

If your starting salary were $35,000 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 your answer to the nearest whole dollar, and express your answer without using commas.

The first 15 years you made a total of 35k * ( 1.06^15 - 1)/(1.06 -1) = $814658.9459. 

If you work 16 years and assuming that you had again the 6% increase in the 16th year, then you have a total of 35k * ( 1.06^16 - 1)/(1.06 -1) =$898538

kj4uts · Answer

Im confused based on the question is the answer $814659 or $898538?

confluxepic · Answer

I already told you about 2 hours ago.

confluxepic · Answer

I got $814659.

mathstudent55 · Answer

You are asked what the sum of 16 years of salary is.

kj4uts · Answer

Im trying to get other opinion because people keep telling me $814659 others are saying $898538 so who do I believe

tkhunny · Answer

If r = 1.06

35000(1 + r  + r^2 + ... r^15) = 35000$\dfrac{1-r^{16}}{1-r}$

There are 16 terms in those brackets.

Getting another raise at the end of year 16 is not significant.  You don't work that year in this scenario.

mathstudent55 · Answer

If you work ___16___ years and assuming that you had again the 6% increase in the 16th year, then you have a total of 35k * ( 1.06^16 - 1)/(1.06 -1) =$898538

kj4uts · Answer

well what do you think based on the question that its asking

mathstudent55 · Answer

The first number corresponds to 15 years of work. The second number corresponds to 16 years of work. You are asked about 16 years, not 15.

tkhunny · Answer

Asked and answered.

Try this question.

If your starting salary were $35,000 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 year that you worked?

kj4uts · Answer

ok i don't know what this guy just put but ok. I see if it was just 15 years it would be 814659 but since its asking how much you would have made over 16 years that would be 898538

confluxepic · Answer

I miscalculated. Sorry.

kj4uts · Answer

Not a problem thank you for helping I didn't mean to put this on again I was just really confused. Thanks again though.