Answer:
Rs. 138037.53
Step-by-step explanation:
Justine earned in first year = 26000
We are given that after each year she received a 3% raise.
We are supposed to find her total earnings during the first five years on the job.
Formula : [tex]Amount = P(1+\frac{r}{n})^{nt}[/tex]
n = number of compounds per year =1
r = rate in decimal =3%=0.03
t = time =5 years
p = principal = 26000
Since in the first year he earned without any raise .
So, formula for the sum of her total earnings become :
[tex]Amount = \sum_{t=1}^{5} P(1+\frac{r}{n})^{n(t-1)}[/tex]
[tex]Amount = \sum_{t=1}^{5} 26000(1+\frac{0.03}{1})^{1(t-1)}[/tex]
[tex]Amount = \sum_{t=1}^{5} 26000(1+0.03)^(t-1)}[/tex]
[tex]Amount =138037.53106[/tex]
Hence her total earnings during the first five years on the job is Rs. 138037.53
