Question: A professional baseball player signs a contract with a beginning salary of $7,000,000 for the first year and an annual increase of 8% per year

A professional baseball player signs a contract with a beginning salary

A professional baseball player signs a contract with a beginning salary of $7,000,000 for the first year and an annual increase of 8% per year beginning in the second year. That is, beginning in year 2, the athlete's salary will be 1.08 times what it was the previous year. What is the athlete's salary for year 6 of the contract?

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