1. An investment firm has a job opening with a starting salary of $30 000 for the first year. The job has a 5% of the s

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1. An investment firm has a job opening with a startingsalary of $30 000 for the first year. The job has a 5% of thestarting salary increase each year. a. Calculate the monthly salaryin the 4th year. b. Calculate the total salary earned at the end of10 years. 2. An initial deposit of P dollars is put into an accountearning an annual interest rate (r) of 9% compounded monthly.Calculate the amount required, (P), in a retirement account for anindividual who retires at age 65 and wants an income of $2 000 (W),from the account each month for 20 years (t). P = ⎢ ⎢ ⎣ ⎜ ⎝⎛+−⎟ ⎠ ⎞⎜ ⎝ ⎛−t12 12 r11r 12 ⎟ ⎠ ⎥ ⎥ ⎦