Solve the Problem $\$ 2,011,827$ B Geometric; $\$ 1,752,496$ B) A Geometric; $\$ 2,011,827$

question 65

Multiple Choice

Solve the problem.
-The yearly salary for job A is $57,000 initially with an annual raise of $3,200 every year thereafter. The yearly salary for job B is $53,000 initially with an annual raise of 5%.
a. Consider a sequence representing the salary for job A for year n. Is this an arithmetic or geometric Sequence? Find the total earnings for job A over 20 years. Round to the nearest dollar.
b.Consider a sequence representing the salary for job B for year n. Is this an arithmetic or geometric Sequence? Find the total earnings for job B over 20 years. Round to the nearest dollar.

• A) a. Geometric; \(\$ 2,011,827\)
• b. Geometric; \(\$ 1,752,496\)
• B) a. Geometric; \(\$ 2,011,827\)
• b. Arithmetic; \(\$ 1,643,500\)
• C) a. Arithmetic; \(\$ 1,748,000\)
• b. Geometric; \(\$ 1,752,496\)
• D) a. Arithmetic; \(\$ 1,748,000\)
• b. Arithmetic; \(\$ 1,643,500\)

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Definitions:

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.

Absolute Advantage

The ability of a country, individual, or firm to produce more of a good or service with the same amount of resources compared to others.

Trade

The exchange of goods and services between parties, which can be within or across national borders.

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, resulting in a negative balance of trade.