Part B If DeShawn continues his employment at the same rate of increase in yearly salary, for which year will the sum of his salaries first exceed $1,000,000? Give your answer to the nearest integer. Enter your answer in the box.
Part B If DeShawn continues his employment at the same rate of increase in yearly salary, for which year will the sum of his salaries first exceed $1,000,000? Give your answer to the nearest integer. Enter your answer in the box.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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how do you solve part B
thank you
Transcribed Image Text:Part B
If DeShawn continues his employment at the same rate of increase in yearly
salary, for which year will the sum of his salaries first exceed $1,000,000?
Give your answer to the nearest integer.
Enter your answer in the box.
Mathematics
E
I
Use the information provided to answer Part A and Part B for question 9.
DeShawn is in his fifth year of employment as a patrol officer for the Metro Police.
His salary for his first year of employment was $47,000. Each year after the first,
his salary increased by 4% of his salary the previous year.
9. Part A
What is the sum of DeShawn's salaries for his first five years of service?
A. $101,983
B. $188,000
C. $219,932
D. $254,567
Unit 1
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