Answer:
$969,243 (nearest whole number)
Step-by-step explanation:
Use geometric sum formula:
[tex]S_n=\dfrac{a(1-r^n)}{1-r}[/tex]
where [tex]a[/tex] is the initial value and [tex]r[/tex] is the common ratio
We have been told that the initial value is 52000, so [tex]a=52000[/tex].
If Layla's salary increases by 2% per year, this means it is 102% of the previous year's salary. 102% = 102/100 = 1.02. Therefore, [tex]r = 1.02[/tex]
We need to calculate the sum of money earned over 16 years, so [tex]n = 16[/tex]
Inputting these values into the formula:
[tex]\implies S_{16}=\dfrac{52000(1-1.02^{16})}{1-1.02}=\$969,243 \ \textsf{(nearest whole number)}[/tex]
