Use the formula for the general term (the nth term) of a geometric sequence to solve Exercises 65-68. In Exercises 65-66, suppose you save $1 the first day of a month, $2 the second day, $4 the third day, and so on. That is, each day you save twice as much as you did the day before. A professional baseball player signs a contract with a beginning salary of $3,000,000 for the first year and an annual increase of 4% per year beginning in the second year. That is, beginning in year 2, the athlete’s salary will be 1.04 times what it was in the previous year. What is the athlete’s salary for year 7 of the contract? Round to the nearest dollar.
Use the formula for the general term (the nth term) of a geometric sequence to solve Exercises 65-68. In Exercises 65-66, suppose you save $1 the first day of a month, $2 the second day, $4 the third day, and so on. That is, each day you save twice as much as you did the day before. A professional baseball player signs a contract with a beginning salary of $3,000,000 for the first year and an annual increase of 4% per year beginning in the second year. That is, beginning in year 2, the athlete’s salary will be 1.04 times what it was in the previous year. What is the athlete’s salary for year 7 of the contract? Round to the nearest dollar.
Solution Summary: The author calculates the salary of an athlete for the 7 year of the contract based on the information provided in the question.
Use the formula for the general term (the nth term) of a geometric sequence to solve Exercises 65-68.
In Exercises 65-66, suppose you save $1 the first day of a month, $2 the second day, $4 the third day, and so on. That is, each day you save twice as much as you did the day before.
A professional baseball player signs a contract with a beginning salary of $3,000,000 for the first year and an annual increase of 4% per year beginning in the second year. That is, beginning in year 2, the athlete’s salary will be 1.04 times what it was in the previous year. What is the athlete’s salary for year 7 of the contract? Round to the nearest dollar.
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