To calculate the total amount of money earned over 21 years with a starting salary of $73,000 that increases by 1% each year, you can use the formula for the sum of a geometric series:
Total earnings = Initial salary × (1 + Growth rate)^Number of years
In this case, the initial salary is $73,000, the growth rate is 1% (or 0.01), and the number of years is 21. Plugging these values into the formula:
Total earnings = $73,000 × (1 + 0.01)^21
Calculating this:
Total earnings ≈ $73,000 × 1.219009773
Total earnings ≈ $88,986.68
Rounded to the nearest whole number, Madison's total earnings over 21 years would be $88,987.