Chapter 8, Problem 32CR

To determine

To find: The total compensation for $5$ full years.

Answer to Problem 32CR

The total compensation for $5$ full years $S_5=277160$ in dollars.

Explanation of Solution

Given information:$$

The starting salary for an accountant is $\$53,300$ with a guaranteed increase of $\$1066$ per year.

Finding the total compensation for $5$ full years $S_5$ ,

  $\begin{array}{l}{S}_n=\frac{n\left(a_1+a_n\right)}{2}\\ S_5=\frac{5\left(53300+a_5\right)}{2}\to a_1=53300\\ S_5=\frac{5\left(53300+57564\right)}{2}\to a_5=57564\text{from exersice }31\\ S_5=\frac{554320}{2}\\ S_5=277160\end{array}$

Thus we can find the salary during the fifth year $S_5=277160$ in dollars.