The amount provided by each offer after each year depends on the first
salary and the added amount or percentage series.
Reasons:
The given parameters of the job offers are;
Starting salary of offer A = $58,000
Amount by which the salary increases for 5 years = 3%
The starting salary offer B = $56,000
Amount by which the salary increases per year = $3,000
Part A: The salary amount received in the first month = $58,000
The salary in the second month, aₙ = 58,000 × (1 + 0.03)
a₂ = 58,000 × (1 + 0.03) = 58,000 × (1.03)
The salary in the third month is given as follows;
a₃ = a₂ × (1.03) = 58,000 × (1.03) × (1.03) = 58,000 × (1.03)²
The salary on the nth month is therefore;
aₙ = 58,000 × (1.03)⁽ⁿ⁻¹⁾
The above formula is in the form of the geometric series formula, which is presented as follows;
aₙ = a·r⁽ⁿ⁻¹⁾
Where;
a = The first term = 58,000
r = The common ratio = 1.03
n = The number of years
Therefore;
Offer A can be represented by an arithmetic series
Part B: The first year salary for offer B = $58,000
The salary on the second year, B₂ = 58,000 + 3,000 = 61,000
Salary on the third year, B₃ = 58,000 + 3000 + 3000 = 58,000 + 2 × 3,000
Therefore;
Salary on the nth year, Bₙ = 58,000 + (n - 1)×3,000
The above equation is in the form of aₙ = a + (n - 1)·d
Where;
a = The first term = 58,000
n = The number of years
d = The common difference = 3,000
Therefore;
Offer B can be represented by an arithmetic series
Part C: The income gained on offer A after 5 years, a₅, is given as follows;
a₅ = 58,000 × (1.03)⁽⁵ ⁻ ¹⁾ = 58,000 × 1.03⁴ ≈ 65,279.51098
The income gained on offer A after 5 years ≈ $65,279.51098
On offer B, we have;
a₅ = 58,000 + (5 - 1) × 3,000 = 70,000
The income gained on offer B after 5 years = $70,000
Therefore;
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