Comparing Two Salary Structures PROBLEM SITUATION: You have two job offers. Job 1 has an annual starting salary of $60,000 with the expectation of a $1000 raise each year. Job 2 has an annual starting salary of $45,000 and expectation of a 7.5% annual raise. (4pts) 8. In comparing the earning power of the job offers, one might be interested in the cumulative earnings, that is, the sum total earnings for all the years worked in the chosen job. TABLE 3 below gives cumulative earnings for both job offers for the given number of years worked. For example, when t = 8, the table gives C(8) =508, 000. That means, after working 8 years in Job 1, the total earnings is $508,000. Note that the last column gives a comparison of the cumulative earnings of both jobs for the same number of years worked by calculating the difference. Complete the table below. TABLE 3 Comparison of Cumulative Earnings t = # of Years C, (t) = Cumulative Worked C 2 (t) = Cumulative Difference in Cumulative Earnings after t years Earnings after t years Earnings: on Job 1 on Job 2 C,(t) - C2(t) 1 $ 60,000 $ 45,000 $ 15,000 2 $ 121,000 93,375 $ 27,625 3 14 15 6 7 00 508,000 $ 470,087 37,913 9 576,000 $ 550,343 25,657 10 645,000 636,619 8,381 11 715,000 729,365 14,365) (1pts) 9a. The ordered pair (2 , 62,000) occurs in the TABLE 1. Explain the meaning of this ordered pair in the context of the situation. (1pts) b. The ordered pair (2 , 27, 625) occurs in the TABLE 3. Explain the meaning of this ordered pair in the context of the situation. (1pts) c. The ordered pair (2 , 93,375) occurs in the TABLE 3. Explain the meaning of this ordered pair in the context of the situation