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1 January, 09:50

London was offered a job that paid a salary of / $93,000$93,000 in its first year. The salary was set to increase by 2% per year every year. If London worked at the job for 22 years, what was the total amount of money earned over the 22 years, to the nearest whole number?

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  1. 1 January, 11:02
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    Answer: Amount = $143776

    Step-by-step explanation:

    Given that London was offered a job that paid a salary of $93,000 in its first year. The salary was set to increase by 2% per year every year.

    Let P = 93000

    Rate R = 2%

    The amount of salary he will receive after 22 years can be calculated by using exponential equation

    A = P (1 + 2%) ^t

    Where t = 22 years

    A = 93000 (1.02) ^22

    A = 93000 * 1.545979

    A = 143776.11 dollars
  2. 1 January, 13:30
    0
    Answer: The total amount earned over the 22 year period would be $143,776

    Step-by-step explanation: What the question simply requires is the value of the current amount (93000) at an annual increment of 2% (or 0.02) for a given number of years (22).

    The formula for determining the amount is given as follows;

    A = P (1 + r) ∧t

    Where A is the amount after the given period, P is the initial amount currently (93000), r is the rate of increase per annum (0.02) and t is the period in years (22). The formula now becomes;

    A = 93000 (1 + 0.02) ²²

    A = 93000 (1.02) ²²

    A = 93000 x 1.54597967

    A = 143776.10931

    A ≈ 143776 (to the nearest whole number)

    The total amount earned over the 22 year period would be $143,776
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