An employee is starting a job with an annual salary of $65,000. The employee’s annual salary will increase by 3% at the end of each year with the company. What will the employee’s annual salary, in dollars, be at the end of the second year with the company?(1 point) Responses $63,050.50 63 dollars comma 050 point 5 0 $65,300.00 65 dollars comma 300 point 0 0 $66,950.00 66 dollars comma 950 point 0 0 $68,958.50 68 dollars comma 958 point 5 0
To find the employee's annual salary at the end of the second year, we need to calculate the increase in salary for each year.
In the first year, the salary increases by 3%:
Salary increase = $65,000 * 0.03 = $1,950
Salary after the first year = $65,000 + $1,950 = $66,950.00
In the second year, the salary also increases by 3%:
Salary increase = $66,950.00 * 0.03 = $2,008.50
Salary after the second year = $66,950.00 + $2,008.50 = $68,958.50
Therefore, the employee's annual salary at the end of the second year with the company will be $68,958.50.