00:01
Here we have a job with an investment firm with an opening salary of $45 ,000.
00:08
So that means the first year you will be receiving an annual salary of $45 ,000.
00:15
So now, during the next 39 years, there is a 5 % raise each year.
00:21
So which means this is year one.
00:25
Year two, you will get your first raise.
00:27
So that's going to be 45 ,000 times 1 .05.
00:31
And then year three, you'll get another raise.
00:34
That'll be 45 ,000 times 1 .05 square.
00:38
And the race happens for 39 years.
00:42
So if year two is our first race, then the 39th race will happen in year 40.
00:52
And that will be 45 ,000 times 1 .05 to power of 39, because that's your 39th race.
01:01
So now we're asked to find the total compensation over this 40 -year period...