Answer to Question #245025 in Financial Math for mai

Question

Mr. Asyraf’s annual salary in 2008 is RM30 000 per annum. His annual salary

increment is RM1320. Find

a) His annual salary in 2027

b) The total salary received from 2008 to 2027

Answer 1

Apply arithmetic progression:

a) His annual salary in 2027 = 30 000 + 19 years * 1320 = RM55 080

b) The total salary received from 2008 to 2027 = (30 000 + 55 080) / 2 * 20 years = RM850 800