Question

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

Answer 1

$806275

Explanation:

type it exactly like that, ap*x

Answer 2

$64188.26

Explanation:

→ Calculate the increase in decimal multiplier

( 100 + 3 ) ÷ 100 = 1.03

→ Multiply this by the salary raised to the power of 16

40000 × ( 1.03 )¹⁶

→ Solve

$64188.26