a union has successfully negotiated for its members to get 5% raises annually. if a union member currently…

Explanation:

Step1: Identify the formula

The formula for compound - growth of a quantity is $A = P(1 + r)^n$, where $A$ is the final amount, $P$ is the initial amount, $r$ is the rate of growth per period as a decimal, and $n$ is the number of periods. Here, $P=$30140$, $r = 0.05$ (since 5%=0.05), and $n = 10$.

Step2: Substitute the values into the formula

$A=30140\times(1 + 0.05)^{10}$. First, calculate $(1 + 0.05)^{10}$. Using the exponentiation operation, $(1.05)^{10}\approx1.628894626777$. Then, multiply by the initial amount: $A = 30140\times1.628894626777$. $A\approx30140\times1.628894626777 = 49094.88405005878$.

Step3: Round to the nearest cent

Rounding $49094.88405005878$ to the nearest cent gives $A\approx49094.88$.

Answer:

$49094.88$