Question

I want to be earning an annual salary of $100,000 when I retire in 15 years. I have been offered a job that guarantees an annual salary increase of 4% per year, and the starting salary is negotiable. What is the lowest salary that I should request in order to meet my goal? (Round your answer to the nearest cent.)

Answer 1

This is a problem on a geometric progression such that
g(r) = g(1) * 1.04^(r-1)
Your final goal is to ensure that g(15) = 100 000
Solve for g(1).

Answer 2

@Kira_Yamato thank you