Intermediate Algebra for College Students (7th Edition)

Published by Pearson
ISBN 10: 0-13417-894-7
ISBN 13: 978-0-13417-894-3

Chapter 11 - Section 11.3 - Geometric Sequences and Series - Exercise Set - Page 856: 83

Answer

The answer is $\$793583$.

Work Step by Step

The first year salary $=\$24,000$. Salary increases by $5\%$ each year. Next salary $105%$ of first salary $=24,000\cdot 1.05 =\$25,200 $ This is the geometric sequence. Common ratio $r=1.05$. Total lifetime salary over the $20-$ year period is $=\frac{24,000(1-1.05^{20})}{1-1.05}$ Simplify. $=793582.898469$ Round to the nearest dollar. $=\$793583$.
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