mischeif05
contestada

Nora was offered a job that paid a salary of
$
40
,
000
$40,000 in its first year. The salary was set to increase by 3% per year every year. If Nora worked at the job for 21 years, what was the total amount of money earned over the 21 years, to the nearest whole number?

Respuesta :

MrRoyal

The growth in Nora's salary illustrates a geometric progression

The total amount earned over the 21 years is $1147059

How to determine the total earning?

The given parameters are:

Initial salary, a = 40000

Rate, r = 1 + 3% = 1.03

Number of years = 21

The sum of n terms of a geometric progression is represented as:

Sn = a((r^n) - 1)/(r - 1)

So, we have:

S21 = 40000 * ((1.03^21) - 1)/(1.03 - 1)

Evaluate

S21 = 1147059

Hence, the total amount earned is $1147059

Read more about geometric progressions at:

https://brainly.com/question/12006112

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