Question

Justine earned 26,000 during the first year of her job at city hall. after each year she received a 3% raise. find her total earnings during the first five years on the job.

a. 138,037.53
b. 1,004,704.20
c. 4,020.51
d. 108,774.30

Answer 1

the correct answer is A. :)

Answer 2

Rs. 138037.53

Explanation:

Justine earned in first year = 26000

We are given that after each year she received a 3% raise.

We are supposed to find her total earnings during the first five years on the job.

Formula :
`Amount = P(1+(r)/(n))^(nt)`

n = number of compounds per year =1

r = rate in decimal =3%=0.03

t = time =5 years

p = principal = 26000

Since in the first year he earned without any raise .

So, formula for the sum of her total earnings become :

`Amount = \sum_(t=1)^(5) P(1+(r)/(n))^(n(t-1))`

`Amount = \sum_(t=1)^(5) 26000(1+(0.03)/(1))^(1(t-1))`

`Amount = \sum_(t=1)^(5) 26000(1+0.03)^(t-1)}`

`Amount =138037.53106`

Hence her total earnings during the first five years on the job is Rs. 138037.53