Question

A worker was paid a salary of $29,100 in 1988. Each year, a salary increase of 4% of the previous year's salary was awarded. How much did the worker earn from the beginning of 1988 through the end of 2014? (Round your answer to the nearest cent.)

Answer 1

This is a geometric sequence with first term 29,100 and common ratio 0.04.

Answer 2

Use the formula for sum of n terms of a G.S

Answer 3

courtney: Look up "sum of a geometric series" and "nth partial sum of a geometric series" on the Internet or in your textbook.

Answer 4

1988 - 29100
1989 - 29100 * 1.04
1990 - 29100 * 1.04^2
1991 - 29100 * 1.04^3
...
2000 - 29100 * 1.04^12
...
2014 - 29100 * 1.04^26

This should be looking like a Geometric Series. Can you add it up?

Answer 5

divide