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You are offered a job that pays ​$44 comma 000 during the first​ year, with an annual increase of 5​% per year beginning in the second year. That​ is, beginning in year​ 2, your salary will be 1.05 times what it was in the previous year. What can you expect to earn in your fourth year on the​ job? Round your answer to the nearest dollar.

Respuesta :

Answer:

$  50936

Step-by-step explanation:

Given,

The earning in first year, P = $ 44,000

If the rate of increasing of payment after completing 1 year,

r = 5% = 0.05,

Then, the earning at the beginning of (x-1)th year or after x years,

[tex]A=P(1+r)^{x}[/tex]

[tex]=44000(1+0.05)^{x}[/tex]

Hence, if x = 3 years,

Then the earning in beginning of fourth year or after completing 3 years,

[tex]A=44000(1.05)^3[/tex]

[tex]=44000(1.157625)[/tex]

[tex] = \$ 50935.5[/tex]

[tex]\approx \$ 50936[/tex]

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