MATH SOLVE

5 months ago

Q:
# Katie recently retired and met with her financial planner. She arranged to recieve 57000 the first year. Because of inflation, each year she will get 820 ,ore than she recieved the previous year. What income will she recieve in her tenth year of retirement?

Accepted Solution

A:

Answer: she will receive 64380 in her tenth yearStep-by-step explanation:She arranged to receive 57000 the first year. Because of inflation, each year she will get 820 more than she received the previous year. This means that she is getting an additional 820 each year. This increase is in arithmetic progression. The formula for the nth term of an arithmetic progression is expressed as Tn = a + (n - 1)dWhere Tn is the value of the nth term of the sequencea is the first term of the sequenced is the common differencen is the number of terms in the sequenceFrom the information givena = 57000 because it is her first incomen = 10d = 820Tn is the income that she will receive in her tenth year of retirement. Therefore,Tn = 57000 + (10-1)Γ 820Tn = 57000 + 7380Tn = 64380