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Emma earns a \$39{,}000$39,000dollar sign, 39, comma, 000 salary in the first year of her career. each year, she gets a 5\%5%5, percent raise.
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15 votes
15 votes
Emma earns a \$39{,}000$39,000dollar sign, 39, comma, 000 salary in the first year of her career. each year, she gets a 5\%5%5, percent raise.

User Roger Keays
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1 Answer

19 votes
19 votes

Answer: Emma earns $554,064.80 in total in the first 11 years of her career

We are to determine the future value of $39,000 each year for 11 years given the growth rate of 5%

The formula for calculating future value:

FV = P (1 + r)^n

Step-by-step explanation:

User Andrey Kuzmin
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