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Chapter 12: Q. 38 (page 839)

Your friend has just been hired at an annual salary of $20,000. If she expects to receive annual increases of 4%, what will be her salary as she begins her fifth year .

Short Answer

Expert verified

The salary in the fifth year is approximately $$ 23, 397$ .

Step by step solution

01

Step 1. Given information

The initial salary is $20,000.

The annual increase in salary is 4%.

02

Step 2. To find salary in the fifth year.

In first-year salary is: $a_{1} = 20, 000$

In the second year, the salary will be

a_{2} = 20, 000 \times 1.04

In the third year, the salary will be

$a_{3} = 20, 000 \times 1.04 \times 1.04 = 20, 000 {(1.04)}^{2}$

In the fourth year, the salary will be

$a_{4} = 20, 000 {(1.04)}^{3}$

In the fourth year, the salary will be

$a_{5} = 20, 000 {(1.04)}^{4} = 20, 000 \times 1.17 \approx 23, 397$

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Most popular questions from this chapter

In Problems 29–36, the given pattern continues. Write down the nth term of a sequence $\{a_{n}\}$ suggested by the pattern.

role="math" localid="1646738144824" $\frac{1}{2}, \frac{2}{3}, \frac{3}{4}, \frac{4}{5}, . . .$

In Problems 71-82, find the sum of each sequence.

${\sum k^{3}}_{k = 4}^{24}$

In Problems 17–28, write down the first five terms of each sequence.

$\{c_{n}\} = \{\frac{n^{2}}{2^{n}}\}$

In Problems 51–66, determine whether each infinite geometric series converges or diverges. If it converges, find its sum.

$6 + 2 + \frac{2}{3} + . . . . .$

In Problems 71-82, find the sum of each sequence.

${\sum (k^{2}}_{k = 0}^{14} - 4)$

See all solutions

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