SOLUTION: A job pays 24000 KES for 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?

SOLUTION: A job pays 24000 KES for 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?

Algebra.Com

Question 1187169: A job pays 24000 KES for 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?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
24000 is a
r=1.05
S=(24000(1-1.05^20)/-0.05 a(1-r^n)/(1-r)
=793,582.90 KES
RELATED QUESTIONS
Hi-I'm stumped. A job pays a salary of 30,000the first year. During 23 years the... (answered by josmiceli)

Mary has accepted a teaching job that pays $25,000 for the first year. According... (answered by Boreal)

The average Kenyan family of four spends KES 500000 per year on food prepared at home.... (answered by ikleyn)

Jhon started a job that paid $20,000 a year. Each year after the first, he received a... (answered by ewatrrr)

Suppose you are offered two jobs. One pays $30,000 the first year with annual raises of... (answered by richwmiller)

Susan started a job that paid $30,000 a year. Each year after the first, her salary... (answered by ewatrrr)

Architect Cristobal made P35,000 during the first year of his job. Each year, he received (answered by Boreal)

Architect Cristobal made $35,000 during the first year of his job. Each year, he received (answered by mananth)

Architect Cristobal made $35,000 during the first year of his job. Each year, he received (answered by ikleyn)