A college graduate expects to earn a salary of $50,000 during the first year after graduation and receive a 3% raise every year after that. What is the total income he will have received after ten years?
A. $640,389.78
B. $573,193.97
C. $515,000.00
D. $507,955.31

Question

A college graduate expects to earn a salary of $50,000 during the first year after graduation and receive a 3% raise every year after that. What is the total income he will have received after ten years?
                A.	$640,389.78
 		B.	$573,193.97
 		C.	$515,000.00
 		D.	$507,955.31

anonymous · Answer

@Hero @mathmate

anonymous · Answer

Initial salary is  50, 000  for the 1st year, 
3 % of 50,000 is  15,000.. 
so for the 2nd year, 50,000 + 3% raise (15,000) = 65,000
so for the 3rd year is getting the 3% of 65,000
then add them up. Once you get the final answer get the 3% of that and repeat the steps until you reached the 10th year.

anonymous · Answer

what is the equation?

anonymous · Answer

@HWBUSTER00

anonymous · Answer

$$S _{n}=a _{1}\frac{ 1-r^n }{ 1-r }$$

anonymous · Answer

That's a geometric series where a1 is the $50000 he makes in the 1st year and r = 0.03, the raise

sepeario · Answer

^^ such sophistication lol :)

anonymous · Answer

what do i put in the variables?

anonymous · Answer

well .. they got here first.  LOL

anonymous · Answer

rather, 1.03 for r and 50000 for a1

anonymous · Answer

okay. i got $573,193.97

is that right?

anonymous · Answer

yes

anonymous · Answer

yay thank you!