Question

Deshawn is in his fifth year of employment as a patrol officer for the metro police. his salary for his first year of employment was $47,000. each year after the first, his salary increased by 4% of his salary the previous year. part a what is the sum of deshawn's salaries for his first five years of service?

Answer 1

The sum of Deshawn's salaries for his first five years of service is $254,567.

Answer 2

ANSWER: $254,567.14

EXPLANATION: Deshawn was in his 1st year of employment when he was paid $47,000. In his 2nd year, his salary increment was by 4% which was $ 1,880. So, the total salary for 2nd year was $48,880. His third year increment was 4% of $48,880, which was $1,955.20. The 3rd year's salary was $50,835.20. Deshawn got the fourth increment in his 4th year which was by $2,033.40. His 4th year salary stood at $52,868.60. The fifth year's salary was again increased by 4% and the amount by which it increased was $2,114.74. The net salary at the end of 5th year came to $54,983.34

Now, adding all the salaries he earned in the 5 years, the calculation will be $47,000 + $48,880 + $50,835.20 + $52,868.60 + $54,983.34 = $254,567.14