00:01
Okay, you were told in the first year of the job, you are paid $35 ,000.
00:06
In the second year, you increase that amount by 5%.
00:11
So that means you take the 35 ,000 from the previous year and times it by 1 .05.
00:19
That will increase it by 5%.
00:22
In the third year, then, take the previous year's salary and again multiply it by 1 .05.
00:29
So 1 .05 squared is the salary in the third year and so on.
00:38
Up to 35 years i want to figure out this will be 35 ,000 and here 1 .05 power of 34.
00:51
Power you can see is one less than the year.
00:56
So i want to add up the total salary earned in the 35 years and this series would be geometric where the ratio r is 1 .05.
01:10
I divide this term by this term, i get 1 .05.
01:15
Now the formula for sum to n terms of a series of geometric is s n equals a 1, r to the n minus 1 over r minus 1.
01:32
So here i have 35 years to figure out.
01:35
So s 35, a1, first year salary is 35 ,000, that's here...