Your employer promises you a 6.9% pay rise every year for the next five years. Your starting salary is $60,400. What will your salary be after the fifth pay rise? Round your answer to the nearest penny.
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The pay rise is 6.9% every year. The salary after the first year is $S_1 = S_0(1 + 0.069) = 60400(1.069)$. The salary after the second year is $S_2 = S_1(1 + 0.069) = S_0(1.069)^2$. The salary after the $n$-th year is $S_n = S_0(1.069)^n$. Show more…
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