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.)

Question

welshfella · Answer

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

welshfella · Answer

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

mathmale · Answer

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

tkhunny · Answer

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?

ryanchick · Answer

divide