Respuesta :
Answer:
Total amount in dollars= $64614.00
Step-by-step explanation:
Initial starting salary is $40000.
Rate of increase is 3%
Number of years is 16 years
The salary is compounded yearly.
Amount A after 16 years is given as
A= p (1+r/n)^ (nt)
A=40000(1+0.03/16)^(16*16)
A= 40000(1.001875)^(256)
A=40000(1.61534824)
A= 64613.92959
Total amount in dollars= $64614.00
