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Junior Ltd employs three workers to develop and test games.The employees are currently earning $30,000 each and are expected to cease their employment in 20 years.At the end of their employment each employee is entitled to a lump sum payment equal to 10 per cent of their final salary.Actuarial analysis suggests salaries will increase evenly at a rate of 5 per cent per year over the 20 years.In 5 years' time,what total benefit will the three employees have accrued (rounded to the nearest dollar) :
Great Depression
A severe worldwide economic downturn that took place during the 1930s, marked by high unemployment, widespread poverty, and deflation.
Prohibition
A period in American history, specifically from 1920 to 1933, during which the manufacture, sale, and transportation of alcoholic beverages was legally prohibited.
Noble Experiment
A term that refers to the period of prohibition in the United States during the 1920s and early 1930s intended to reduce crime and corruption, improve health, and improve social morals.
Americans
Citizens of the United States of America or pertaining to the country itself.
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