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Victor is somewhat satisfied with his sales career and has always wondered about a career as a teacher in a public school. He would have

Victor is somewhat satisfied with his sales career and has always wondered about a career as a teacher in a public school. He would have to take a year off work to go back to college to obtain his teaching certificate, and that would mean giving up his $49,000 salary for a year. Victor expects that he could earn about the same income as a teacher. Round your answers to the nearest dollar.

  1. What would his annual income be after 12 years as a teacher if he received an average 5 percent raise every year? Round Future Value of a Single Amount in intermediate calculations to four decimal places. (Hint: Use Appendix A-1.) $
  2. Victor also could earn $3,000 each year teaching during the summers. What is the accumulated future value of earning those annual amounts over 12 years assuming a 6 percent raise every year? Round Future Value of a Series of Equal Amounts in intermediate calculations to four decimal places. (Hint: Use Appendix A-3.) $

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