Question

You accept a job as a marine biologist that pays a salary of $45,000 the first year. During the next 39 years, you receive a 5.5% raise each year. What is your total salary over the 40-year period? The equation you use for this problem is a1 = (r^n - 1/ r - 1)

I'll attach an example of the problem:

Answer 1

45000(1.055)^40=383980.89