Question

Justine earned $19,000 during the first year of her job at city hall. After each year, she received a 8.6% raise. Find her total earnings throughout her 20-year career.

Answer 1

929,477.13

Explanation:

Number of years, n = 20

Using the relation :

a(1- r^n)/ (1 - r) ;

where a is the first term, r is the common ratio and n is the number of years

a = 19000

r = 1 + 8.6% = 1.086

19000(1 - 1. 086^20) / (1 - 1.086)

19000(1 - 1.086^20) / (1 - 1.086)

−79935.0336930 / (1 - 1.086)

= 929,477.13