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.
sn=a(rn−1)r−1=4500(1.0540−1)1.05−1=5435989.84s_n=\frac{a(r^n-1)}{r-1}\\ =\frac{4500(1.05^{40}-1)}{1.05-1}\\=5435989.84sn=r−1a(rn−1)=1.05−14500(1.0540−1)=5435989.84
Need a fast expert's response?
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!
Comments