SOLUTION: Suppose a job could be obtained with a $20,000 starting salary and a 5% yearly increase each year thereafter. Derive an expression for the total gross income for the first 10 years
Algebra ->
Finance
-> SOLUTION: Suppose a job could be obtained with a $20,000 starting salary and a 5% yearly increase each year thereafter. Derive an expression for the total gross income for the first 10 years
Log On
Question 253066: Suppose a job could be obtained with a $20,000 starting salary and a 5% yearly increase each year thereafter. Derive an expression for the total gross income for the first 10 years. Answer by hokies(65) (Show Source):
You can put this solution on YOUR website! Total Gross Income = (summation from i=0 to i=9):(20000*(1.05)^i)
the symbol for "summation" is the Greek capital letter for sigma
