Solve the problem.
-Suppose you are offered a job with a starting salary of $37,000 per year and a guaranteed raise of $1500 per year. How much money will you make in total over the first 20 years?
A)$960,000
B)$1,025,000
C)$65,500
D)$1,124,600

Question

Quizplus · Accepted Answer

This problem can be solved by calculating the total sum of an arithmetic series. The first term (a) is $37,000, the common difference (d) is $1,500, and the number of terms (n) is 20. The sum of an arithmetic series is given by the formula S = n/2[2a + (n-1)d]. Substituting the given values, we get S = 20/2[2(37,000) + (20-1)1,500] = 10[74,000 + 28,500] = 10[102,500] = $1,025,000.

Solve the Problem. -Suppose You Are Offered a Job with a Starting Salary