A job pays 32,000 for the first year with an annual increase of 6% per year in the second year. what is the salary for the 6th year? what is the total salary paid

annual-increase
total-salary

#1

a job pays 32,000 for the first year with an annual increase of 6% per year in the second year. what is the salary for the 6th year? what is the total salary paid over the 6 years?

Answer:

Use an exponential growth model
32000(1.06)^5 for the salary after 6 years
For the sum use (320000(1.06)^5)/1.06-1