help with percent of salary

Question

 

 

1.  Suppose you are offered two jobs.  One pays $30,000 the first year with annual raises of $2,000 each year.

     The second offers a starting salary of $27,000 and raises of 8% each year.  during your tenth year, what

     would  your yearly salary be from

 

                     a)  the first job

 

                     b)  the second job

 

 

 

Please help with the formula and s how steps.

 

 

2.  How do I solve this problem.  Which pays more over a course of 10 days --$100 per day for 10 days or

            one dollar the firsrt day, $2.00 the second, $4.00 the third, $8.00 the fourth, etc. up to and including

             the 10th day? 

 

thanks

Answer 1

1)  The first payment method is ($30,000) + ($2000)*y,  where y = years

 

The second payment method is ($27,000)*(1+0.08)^y  where y is years (note it's to the y power)

 

Plug in the value of y you want and see which payment method is better.

 

 

2)  The first payment method is $100 * 10 days = ?

 

The second payment method is ∑$2^d, where d=days.  So

$2⁰+$2¹+$2²+ ... +$2¹⁰ = ?