Solve the problem.
-A football player signs a contract with a starting salary of $810,000 per year and an annual increase of 5.5% beginning in the second year. What will the athlete's salary be, to the nearest dollar, in the seventh year?
A)$1,116,863
B)$1,117,722
C)$1,115,465
D)$1,119,095

Question

Quizplus · Accepted Answer

The salary in the seventh year is calculated using the formula for compound interest: $ S = P(1 + r)^n $, where $ P = 810,000 $, $ r = 0.055 $, and $ n = 6 $. This gives $ S = 810,000 \times (1.055)^6 \approx 1,116,863 $.

Solve the Problem. -A Football Player Signs a Contract with a Starting Salary