Answer:
$969,243 (nearest whole number)
Explanation:
Use geometric sum formula:
where
is the initial value and
is the common ratio
We have been told that the initial value is 52000, so
.
If Layla's salary increases by 2% per year, this means it is 102% of the previous year's salary. 102% = 102/100 = 1.02. Therefore,
We need to calculate the sum of money earned over 16 years, so
Inputting these values into the formula: