Question

Each year, Francesca earns a salary that is 2% percent higher than her previous year's salary. In her first 5 years at this job, she earned a total of $187,345.
What was Francesca's salary in her 1st year at this job?
Round your final answer to the nearest thousand.

Answer 1

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Each year, Francesca earns a salary that is 2 percent higher than her previous year's salary. In her first 5 years at this job, she earned a total of $187,345. Francesca's salary in her 1st year at this job is $169684.14

Step-by-step explanation:

Let X be the first salary of Francesca. The salary increases by 2% every year.

Let A be the amount she earns after n years at a rate of r.

The formula is given by:

A = X(1 + r)ⁿ

In this case we have that:

A = $187345

n = 5 years

r = 2%

We need to get X.

187345 = X(1.02)⁵

187345 = 1.10408 X

X = $169684.14

Francesca's salary in the first year is $169684.14

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