According to the Seton Hall Career Center, finance majors from the Stillman School of Business earned an average salary of approximately $60,000 in their first year after graduation. Assume that this will be your salary after graduation. If you earn a 3% raise, what will be your salary the second year on the job? What will be your salary in the fifth year?

2. Assume you start working when you are 20 years old1 and work through age 65 (i.e., you work until the day before you turn 66). What will be your 45th and final salary?