math word problem salary

Question

You are offered a job that pays

​$50 comma 00050,000

during the first​ year, with an annual increase of

1010​%

per year beginning in the second year. That​ is, beginning in year​ 2, your salary will be

1.11.1

times what it was in the previous year. What can you expect to earn in your fourth year on the​ job? Round your answer to the nearest dollar.

Answer 1

If I'm reading the problem correctly...

Year 1 - $50,000

Year 2 - $50,000 * 1.1

Year 3 - $50,000 * 1.1 * 1.1 = 50,000 * (1.1)^2

Year 4 - $50,000 * 1.1 * 1.1 * 1.1 = 50,000 * (1.1)^3 = $66,550

You can calculate this for any year:

Let n = # of year working

Salary_{'n'th year} = $50,000 * (1.1)^(n-1)