Question

Riley earned $21,500 during her first year as an interior designer. Each year she work for that company, she earns a 3% raise. Find her total earnings during her first seven years on the job.​

Answer 1

Calculate her pay every year then add:

Year 1: 21, 500

Year 2: 21,500 x 1.03 = 22,145

Year 3: 22,145 x 1.03 = 22,809.35

Year 4: 22809.35 x 1.03 = 23,493.63

Year 5: 23493.63 x 1.03 = 24,198.44

Year 6: 24198.44 x 1.03 = 24,924.39

Year 7: 24,924.39 x 1.03 = 25,672.12

Total made: 21, 500 + 22,145 + 22,809.35 + 23,493.63 + 24,198.44 + 24,924.39 + 25,672.12 = 164,742.93