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
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The employee's annual salary will increase by 3%, so it will be $65,000 * (1 + 0.03) = $66,950.00 at the end of the second year.
Therefore, the correct answer is $66,950.00.