Question

Rocco earned $23500 during the first year of his job as a clerk for a local hardware store. after each year, he received a %3 raise. find his total earnings during his first five years on this job.

Answer 1

Rocco's total earnings during his first five years on this job would be $124,764.68.

Step-by-step explanation:

To find Rocco's total earnings during his first five years on the job, we need to calculate his earnings for each year and then sum them up.

Year 1: $23,500

Year 2: $23,500 + 3% of $23,500 = $23,500 + $705 = $24,205

Year 3: $24,205 + 3% of $24,205 = $24,205 + $726.15 = $24,931.15

Year 4: $24,931.15 + 3% of $24,931.15 = $24,931.15 + $747.93 = $25,679.08

Year 5: $25,679.08 + 3% of $25,679.08 = $25,679.08 + $770.37 = $26,449.45

Therefore, Rocco's total earnings during his first five years on this job would be $23,500 + $24,205 + $24,931.15 + $25,679.08 + $26,449.45 = $124,764.68.