Income in 2019: $50,000
Income increase rate in past 2 years: 5%
Make a projection of the expected income for the next five years, given the following data.
Below is the projection of the expected income for the next five years, assuming that the income increase rate remains constant at 5% per year.

Income in 2019: $50,000
Income in 2020: $50,000 * 1.05 = $52,500
Income in 2021: $52,500 * 1.05 = $55,125
Income in 2022: $55,125 * 1.05 = $57,881.25
Income in 2023: $57,881.25 * 1.05 = $60,775.31
Income in 2024: $60,775.31 * 1.05 = $63,814.08

Therefore, the expected income for the next five years is $52,500 in 2020, $55,125 in 2021, $57,881.25 in 2022, $60,775.31 in 2023, and $63,814.08 in 2024.