Question: An employee joined a company in 2009 with a starting salary of $50,000. Every year this employee receives a raise of $1000 plus 5% of the salary of the previous year.
a) Set up a recurrence relation for the salary of this employee n years after 2009.
b) What will the salary of this employee be in 2017?
c) Find an explicit formula for the salary of this employee n years after 2009.