A college graduate expects to earn a salary of $50,000 during the first year after graduation and receive a 3% raise every year after that. What is the total income he will have received after ten years?

For this case we have a function of the form:
y = A * (b) ^ t
Where,
A: initial amount
b: growth rate
t: time
Substituting values we have:
y = 50000 * (1.03) ^ t
For 10 years we have:
y = 50000 * (1.03) ^ 10
y = 67195.81897 $
Answer:
the total income he will have received after ten years is:
y = 67195.81897 $

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maheshpatelvVT maheshpatelvVT · Answer 2 · 2022-03-22T08:37:53+01:00

By applying formula of sum of GP we got that the total income he will have received after ten years is $573194

What is a sequence ?

A sequence is collection of numbers with a particular pattern.

here given that A college graduate expects to earn a salary of $50,000 during the first year after graduation and receive a 3% raise every year after that

Hence this is an GP with first term 50,000 and common ratio 1.03

Hence total income he will have received after ten years = sum of 10 terms of GP

[tex]=\frac{a(r^{10}-1)}{r-1}[/tex]

[tex]=\frac{50000(1.03^{10}-1)}{1.03-1} \\\\=50000\times11.4638793\\\\=573193.965\\\\\approx 573194[/tex]

By applying formula of sum of GP we got that the total income he will have received after ten years is $573194

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