15.07.2022 - 10:41

# A job pays a salary of 35,000 the first year. During the next 10 years, the salary increases by 4% each year. What is the salary for the 11th year? What is the total salary over the 11 year period? (Round to the nearest cent.)

Question:

A job pays a salary of 35,000 the first year. During the next 10 years, the salary increases by 4% each year. What is the salary for the 11th year? What is the total salary over the 11 year period? (Round to the nearest cent.)

The salary for the 11th year would be: 35,000 * 1.04^10 ? $51,431.09 To calculate this, we need to find the salary after each year of the 11-year period. For the first year, the salary is given as$35,000. For the next 10 years, the salary increases by 4% each year. So, the salary after 1 year would be: 35,000 * 1.04 = $36,400 The salary after 2 years would be: 36,400 * 1.04 =$37,856 And so on, until we get to the salary after 10 years: 47,586 * 1.04 = $51,431.09 To find the total salary earned over the 11-year period, we can add up all the salaries we just calculated: 35,000 + 36,400 + 37,856 + ... + 51,431.09 ?$487,619.51 So, the total salary over the 11-year period is \approx imately \$487,619.51.