Accounting

Levi McArthur graduated with a masters of accountancy degree and has accepted a staff accounting position with a firm; he will receive a salary of $50,000. The firm guarantees that Levi will receive a 5 to 9 percent raise each year for the next five years depending on his performance.

What will Levi’s salary be in five years if he gets a 5 percent raise each year?

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What would his salary be in five years if the annual raise is 9 percent?

Josh Jacobsen just received $1,000,000 from winning the lottery. He has decided to spend $200,000 immediately and to invest the remaining $800,000 for 10 years.

A. If he can get an 5 percent rate of return that is compounded quarterly, how much will he have at the end of 10 years?

B. If he can get a 7 percent rate of return that is compounded quarterly, how much will he have at the end of 10 years?

C. If he can get an 9 percent rate of return that is compounded quarterly, how much will he have at the end of 10 years?

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