Question

A college graduate expects to earn a salary of 60000 during the first year after graduation and receive a 4% raise every year after that what is the total income he will have received after ten years?

Answer 1

88814.66 dollars

Explanation:

Given that a college graduate expects to earn a salary of 60000 during the first year after graduation and receive a 4% raise every year

Hence have

Salary after t years = S(t) = 60000(1+4%)^t

Here t= 10

S(10) =60000(1.04)^10 = 88814.66 dollars

Thus we have after 10 years the revenue would be 88814.66 dollars