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What is the present value of the lifetime salary

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Problem 1: Gilles Lebouder has just been offered a job paying $50,000 at the end of his first year. He expects his annual salary will increase by 5% a year until he retires in 40 years. Given an interest rate of 8%, what is the present value of his lifetime salary?

Select one:

a. $1,126,571

b. $1,392,072

c. $1,666,667

d. $1,371,643

e. $975,319

 

Reference no: EM133005914

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