Answer
The answer is $=\$276427$.
Work Step by Step
Salary for the first year $P=\$30,000$.
Rate of increase $r= 4\%=0.04$.
Increment $=1+.04=1.04$.
Time $t=8$.
The Sum of all salary is
$30,000+30,000(1.04)+30,000(1.04)^2+...+30,000(1.04)^7$
The above series is the geometric sequence therefore, the sum of the series is
$\frac{30,000(1-1.04^8)}{1-1.04}=276426.787804$
Approx. value $=\$276427$.
