Demarcus will be 24 years old when he graduates. If the mean bi-weekly wage of his career is $2,456.00, what will his lifetime earnings be when he retires at the age of 65?

Respuesta :

Answer:

$2,625,292.08

Explanation:

The total number of years Demarcus will work is 65 - 24 = 41 years.

Now, there are about 52.143 weeks per year; therefore, the number of weeks in 41 years is

[tex]41yr\times\frac{52.143\text{ weeks}}{yr}=2137.863\text{ weeks}[/tex]

We are also told that Demarcus gets paid once every two weeks; this means the number of payments made in 41 years is

[tex]\frac{2137.863}{2}=1068.9315\text{ payments. }[/tex]

Since each payment is worth $2,456.00, the total amount earned from 1068.9315 payments is

[tex]1068.9315\text{ payments}\times\frac{2456.00}{payment}=\$2,625,295.764[/tex]

Hence, Demarcus' lifetime earnings will be $2,625,295.764.