Justine earned $26,000 during the first year of her job at city hall. After each year she received $26,000 a 3% raise. How do you find her total earnings during the first five years on the job?

2 Answers

Answer:

#$29,900#

Explanation:

So her first year she makes #26,000#

The next year she gets a raise of #3%# or #26,000 xx 0.03#

The year after that she makes #0.03 xx 26,000# on top of the previous year

And so on and so forth

A trend I notice is that her initial #26,000# never changes but that #(26,000 + 0.03)# builds after each year

#color(blue)((26,000 * 5)) + x(26,000 xx 0.03)#

Now let's solve for when #x = color(blue)(5-1 = 4)#

#color(blue)(130000 + 4)(0.03 xx 26,000)#

#color(blue)(130000 + 4(780))#

#color(blue)(130000 + 3120)#

#color(blue)($133120)#

Jan 25, 2018

Answer:

Justine’s total earnings in 5 years #color(brown)(A = $133,120)#

Explanation:

Formula to be used is similar to simple interest.

#I = (P*N*R)/100# where

P = Earnings per annum, N = No. of years - 1, R = Revision per annum.

N = (No. of years - 1) as during first year will not have any increase

Given #P = $26,000, N = 4 years, R = 3%#

To find #A = P + I#

#I = (P N R) / 100 =((cancel(26000) 260* 4 * 3)/cancel(100))#

#I = (260 * 4 * 3) = 3120 = color(brown)($3,120)#

Total earnings during 5 years #A = (5 * 26000) + 3120 = color(brown)($ 133,120)#