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Salary: If you received a job offer with a starting salary of \(35,000 per year and a guaranteed raise of \)1400 per year, how many years will it take before your aggregate salary is $280,000?

[Hint: Your aggregate salary after 2 years is 35,000 + (35,000 + 1400)

Short Answer

Expert verified

It will take 8 years.

Step by step solution

01

Given Information 

a starting salary of $35,000 per year

guaranteed raise of $1400 per year

aggregate salary is $280,000

Your aggregate salary after 2 years is 35,000 + (35,000 + 1400)

02

Step 2:  Use Sum formula 

First term is 35,000 , difference =1400

sum is 280,000

Sum formula is

Sn=n22a1+(n-1)d280000=n22(35000)+(n-1)(1400)280000=n270000+1400n-1400multiplybothsidesby2560000=n(1400n+68600)

03

solve for n 

560000=n(1400n+68600)Dividewholeequationby1400400=n2+49nn2+49n-400=0Applyquadraticformulan=-49±492-4· 1·-4002· 1n=-49±40012n=7.12672n-56.12672

The years cannot be negative

so , it take 8 years.

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