(a) What would his annual income be after 20 years as a teacher if he received an average 3 percent raise every year?
(b) Victor could earn $4000 each year teaching during the summers. What is the accumulated future value of earning those annual amounts over 20 years assuming a 5 percent raise every year?

Throughout this book, we will present a continuing narrative about Victor and Maria Hernandez. Following is a brief description of the lives of this couple. Victor and Maria, both in their late 30s, have two children: Jacob, age 13, and Nicholas, age 15. Victor has had a long sales career with a retail appliance store. Maria works part time as a medical records assistant. Victor is somewhat satisfied with his career but has always wondered about a career as a teacher in a public school. He would have to take a year off work to go to college to obtain his teaching certificate, and that would mean giving up his $43,000 salary for a year. Victor expects that he could earn about the same income as a teacher.