# 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?

Jan 20, 2018

Jan 25, 2018

Justine’s total earnings in 5 years color(brown)(A = $133,120) #### Explanation: Formula to be used is similar to simple interest. $I = \frac{P \cdot N \cdot R}{100}$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 $A = P + I$
$I = \frac{P N R}{100} = \left(\frac{\cancel{26000} 260 \cdot 4 \cdot 3}{\cancel{100}}\right)$
I = (260 * 4 * 3) = 3120 = color(brown)($3,120) Total earnings during 5 years A = (5 * 26000) + 3120 = color(brown)($ 133,120)