The sum of the monthly salaries of an employee at the end of a year is LE. Given that the sum increases by a rate of every year,
use the summation notation to describe the sum of his salaries after 5 years of work, then determine this sum to the nearest two decimal places.
Initially, the salary of the employee was (i.e., ). Each year, he receives an pay rise. We can express this mathematically as follows: . Consequently,
Hence, the express for his salary in the year is . Therefore, his total income over the first 5 years can been expressed as
To calculate this value we can use the multiplication property of summation notation.