Question

Emma earns a $39,000 salary in the first year of her career. Each year, she gets a 5% raise. How much does Emma earn in total in the first 11 years of her career?

Answer 1

Answer:

554,000

Step-by-step explanation:

that is the answer

Answer 2

Emma earns $554,064.80  in total in the first 11 years of her career

We are to determine the future value of $39,000 each year for 11 years given the growth rate of 5%

The formula for calculating future value:

FV = P (1 + r)^n

Where :

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

First year =  $39,000

Second year = 39,000 x (1.05) = $40,950

Third year = 39,000 x (1.05)^2 = $42,997.50

Fourth year = 39,000 x (1.05)^3 = $45,147.38

Fifth year = 39,000 x (1.05)^4 = $47,404.75

Sixth year = 39,000 x (1.05)^5 = $49,774.99

seventh year = 39,000 x (1.05)^6 = $52,263.74

eighth year = 39,000 x (1.05)^7 = $54,876.93

ninth year = 39,000 x (1.05)^8 = $57,620.78

tenth year = 39,000 x (1.05)^9 = $60,501.82

eleventh year = 39,000 x (1.05)^10 = $63,526.91

Sum of the earnings for the first eleven years = $554,064.80

To learn more about the future value of income, please check : https://brainly.com/question/19407218?referrer=searchResults