Answer: $789,84.93
Using Microsoft Excel, the starting salary can easily be obtained. But we will use the method of trial and error here. We need five columns with the following inputs:
1. For the no. of years (1-23)
2. The salary at the start of the year (4.45% added)
3. The fixed interest of 4.45%
4. The product of salary for the corresponding year and 4.45%, and
5. The sum of the salary for the previous year and the current year plus interest
By guessing/inputting (trial and error) any amount in the first cell of column 2, you can arrive at the ending balance of $215,000 in the 5th column rightmost bottom.
