Answer:
FV= $385,307.82
Explanation:
Giving the following formula:
Annual salary (A)= $39,500
Growth rate (g)= 2% annual
Number of years (n)= 9 years
To calculate the total amount earned over 9 years, we need to use the following formula:
FV= {A*[(1+g)^n-1]}/g
A= annual deposit
FV= {39,500*[(1.02^9) - 1]} / 0.02
FV= $385,307.82