Question

if starting salary is 40,000 and you receive a 3% increase at the end of the year what is the total amount in dollars you will earn over the first 16 years that you work

Answer 1

A=p (1+r)^t
A the amount after 16 years
P current amount 40000
R rate 0.03
T time 16 years

A=40,000×(1+0.03)^(16)
A=64,188.26