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help with percent problem

How do I solve:
         Paul has taken a job with a starting salary of $18,000 with annual raises of 5%.  What will he salary
         be during his fifth year on hte job?
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1 Answer

I can give you the formula but to explain the process is: 18000, (18000 +900),(18900 +945) + (19845 +992.25) +(20837.25 +1041.86)
Final salary after five years $ 21879.11