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Chapter 14: Problem 68

A company offers a starting yearly salary of \(\$ 33,000\) with raises of \(\$ 2500\) per year. Find the total salary over a ten-year period.

Short Answer

Expert verified
The total salary over the 10-year period would be \$492,500.

Step by step solution

01

Identify the base salary and yearly increment.

From the problem, it's given that the company offers a starting salary of \$33,000 per year with raises of \$2,500 per year.
02

Compute each year's salary over the 10-year period.

The salary for each year is computed by adding the previous year鈥檚 salary and the increment. Therefore, the salary for each year would be \(\$33,000, \$35,500, \$38,000, \$40,500, \$43,000, \$45,500, \$48,000, \$50,500, \$53,000, \$55,500\) sequentially.
03

Sum up the individual salaries.

To compute the total salary over the 10-year period, sum up each year's salary (the base salary plus all the increments). Therefore, the total salary over the 10-year period would be: \( \$33,000 + \$35,500 + \$38,000 + \$40,500 + \$43,000 + \$45,500 + \$48,000 + \$50,500 + \$53,000 + \$55,500 = \$492,500 \)

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Most popular questions from this chapter

Use the formula for the sum of the first n terms of a geometric sequence to solve. A job pays a salary of \(\$ 24,000\) the first year. During the next 19 years, the salary increases by \(5 \%\) each year. What is the total lifetime salary over the 20 -year period? Round to the nearest dollar.

Use the formula for the value of an annuity to solve Exercises. Round answers to the nearest dollar. To save money for a sabbatical to earn a master's degree, you deposit \(\$ 2000\) at the end of each year in an annuity that pays \(7.5 \%\) compounded annually. a. How much will you have saved at the end of five years? b. Find the interest.

What is the common ratio in a geometric sequence?

Write the first four terms of each sequence whose general term is given. $$a_{n}=\frac{n^{2}}{n !}$$
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