Quote (Azrad @ 15 Apr 2013 04:56)
first year = 38,000
2nd year = 38,000*1.03
3rd year = 38,000*1.03*1.03 = 38,000*1.03^2
4th year = 38,000*1.03^3
...
10th year = 38,000*1.03^9
sum of all the years is:
http://s24.postimg.org/4q39aqos5/Capture.png
since you love to simplify
why not eliminate the separate term and run the sum from 0 to 9