After graduating college, you start a job making $40,000. Your earnings grow at a constant growth rate of 3 percent per year. When you retire 40 years later, you are earning approximately:

a. 41,000.
b. 70,000.
c. 100,000.
d. 130,000.

d. $130,000 approx

Explanation:

Data provided

Present value = $40,000

Growth rate = 3%

Number of years = 40%

The calculation of future value is shown below:-

FV = PV × (1 + i)^n

Where, FV = future value of salary, PV = present value of salary, i = growth rate, n=years

= $40,000 × (1 + 3%)^40

= $40,000 × (1.03)^40

= $40,000 × 3.262037792

= $130,481.5117

= $130,000 approx

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