Justine earned 26,000 during the first year of her job at city hall. after each year she received a 3% raise. find her total earnings during the first five years on the job.
a. 138,037.53
b. 1,004,704.20
c. 4,020.51
d. 108,774.30

Rs. 138037.53

Step-by-step explanation:

Justine earned in first year = 26000

We are given that  after each year she received a 3% raise.

We are supposed to find  her total earnings during the first five years on the job.

Formula :

n = number of compounds per year  =1

r = rate in decimal =3%=0.03

t = time =5 years

p = principal = 26000

Since in the first year he earned without any raise .

So, formula for the sum of her total earnings become :

Hence her total earnings during the first five years on the job is Rs. 138037.53