Question: 8 . A general contractor was developing a 1 0 year plan. The Contactor forecasts his payroll to be $ 2 0 0 , 0

8. A general contractor was developing a 10 year plan. The Contactor forecasts his payroll to be $200,000 in year 1. He expects to give 8 percent raises onch tear beginning year 2. The contractor uses an 8% per year rate for his planning.
a) What is the future value (in year 10) of the entire ten year payroll?

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