Q:

Robbie, a structural engineer, will earn $64,000 his first year working for a commercial construction company with annual raises of 8%. What are his total earnings at the end of 5 years?​

Accepted Solution

A:
Answer:Total earnings at the end of 5 years= $87071.293Step-by-step explanation:First year$64,000Second year$64,000 + 8% of previous year = $64,000 + 0.08*$64,000 = $69120Third year$69120 + 8% of previous year = $69120 + 0.08*$69120 = $74649.6Fourth year$74649.6 + 8% of previous year = $74649.6 + 0.08*$74649.6 = $80621.568Fifth year$80621.568 + 8% of previous year = $80621.568 + 0.08*$80621.568 = $87071.293