help with percent problem

Question

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?

 

 

thanks

Answer 1

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

CHECK!!!!!!!!!!!!!!!!