Question

Thomas earned $17,000 last year for his part time job. He expects to earn 4% more each year. How much money will Thomas have earned after 5 years of working his part time job? (total)

Answer 1

Total earning of Thomas after 5 years is $92077.45

Step-by-step explanation:

Given:

Principal, P = $17000

Rate of Interest, r = 4%

Time, t = 5 years

Interest, I = ?

We know,

Earning in 1st year = $17,000

Earning in second year =
`17000 + (4)/(100) X 17000`

= $17680

Earning in 3rd year =
`17680 + (4)/(100) X 17680`

= $18387.2

Earning in 4th year =
`18387.2 + (4)/(100) X 18387.2`

= $19122.69

Earning in 5th year =
`19122.688 + (4)/(100) X 19122.688\\`

= $19887.56

Thus,

Total earning = $17,000 + $17680 + $18387.2 + $19122.69 + $19887.56

= $92077.45

Therefore, total earning of Thomas after 5 years is $92077.45