Homework SourseA professional baseball player signs a contract with a begin
A professional baseball player signs a contract with a beginning salary of $2,000,000 for the first year and an annual increase of 9% per year beginning in the second year. That is, beginning in year 2, the athlete\'s salary will be 1.09 times what it was the previous year. What is the athlete\'s salary for year 7 of the contract? The athlete\'s salary for year 7 is approximately $ (Round to the nearest dollar as needed.)
Solution
Solution:
It is given base ball player salary for each year is just 1.09 times of previous year salary
therefore
salary for 2nd year
= 1.09 * 1st year annual salary
= 1.09 * 2,000,000
= $2,180,000
salary for 3rd year
= 1.09 * 2nd year annual salary
= 1.09 * 2,180,000
= $2,376,200
salary for 4th year
= 1.09 * 3rd year annual salary
= 1.09 * 2,376,200
= $2,590058
salary for 5th year
= 1.09 * 4th year annual salary
= 1.09 * 2,590058
= $2,823,163.22
salary for 6th year
= 1.09 * 5th year annual salary
= 1.09 * 2,823,163.22
= $ 3,077,247.91
salary for 7th year
= 1.09 * 6th year annual salary
= 1.09 * 3,077,247.91
= $ 3,354,200.222
the athelte salary for year 7 = $ 3,354,200
Answer
