Answer:
Total amount of becomes after 16 year is $93649 .
Step-by-step explanation:
As the increase exponential function is given by
[tex]y = a(1 + r)^{t}[/tex]
Where a is the initial value , r is the rate of interest in the decimal form and t is time in years .
As given
If your starting salary is $50,000 and you receive a 4% increase at the end of every year for 16 years .
a = $50000
4% is written in the decimal form
[tex]= \frac{4}{100}[/tex]
= 0.04
r = 0.04
t = 16 years
Put all the values in the above
[tex]y = 50000(1 + 0.04)^{16}[/tex]
[tex]y = 50000(1.04)^{16}[/tex]
[tex]y = 50000\times 1.87298[/tex]
y = $93649
Therefore the total amount of becomes after 16 year is $93649 .
