Question #280563

An investment firm has a job opening with a salary of N45,000 for the first year. Suppose that during the next 39 years, there is a 5% raise each year. Find the total compensation over the 40-year period. 


1
Expert's answer
2021-12-19T14:15:57-0500

sn=a(rn1)r1=4500(1.05401)1.051=5435989.84s_n=\frac{a(r^n-1)}{r-1}\\ =\frac{4500(1.05^{40}-1)}{1.05-1}\\=5435989.84


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