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Math: Sum of Geometric Series?
Mason was offered a job that paid a salary of $98,000 in its first year. The salary was set to increase by 3% per year every year. If Mason worked at the job for 28 years, what was the total amount of money earned over the 28 years, to the nearest whole number?
1 Answer
- stanschimLv 71 week agoFavorite Answer
S = 98000 + 98000(1.03) + 98000(1.03^2) + ... + 98000(1.03^27)
S(1.03) = 98000(1.03) + 98000(1.03^2) +...+ 98000(1.03^27) + 98000(1.03^28)
Subtracting the second equation from the first gives:
S - 1.03S = 98000 - 98000(1.03^28)
S(1 - 1.03) = 98000(1 - 1.03^28)
S = [98000(1 - 1.03^28)] / (1 - 1.03) = $4,207,230.41 = $4,207,230 to the nearest dollar.
