Samir just got hired for a new job and will make dollar sign, 50, comma, 000$50,000 in his first year. Samir was told that he can expect to get raises of dollar sign, 2, comma, 500$2,500 every year going forward. How much money in salary would Samir make in his 29th year working at this job?
Question
Samir just got hired for a new job and will make dollar sign, 50, comma, 0002,500 every year going forward. How much money in salary would Samir make in his 29th year working at this job?
Solution
To calculate Samir's salary in his 29th year, we need to consider his starting salary and the annual raises he receives.
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Samir's starting salary is $50,000.
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He receives an annual raise of $2,500.
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To find out his salary in the 29th year, we need to calculate the total raises he would have received by then. Since he starts receiving raises from the second year, we subtract one from 29. So, we calculate the raises for 28 years.
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The total amount of raises for 28 years is 28 * 70,000.
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We then add this total raise amount to his starting salary to find out his salary in the 29th year.
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So, Samir's salary in the 29th year would be 70,000 = $120,000.
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