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$63,050.5063 dollars comma 050 point 5 0$65,300.00$65,300.0065 dollars comma 300 point 0 0$66,950.00$66,950.0066 dollars comma 950 point 0 0$68,958.50

Question

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$63,050.5063 dollars comma 050 point 5 0$65,300.00$65,300.0065 dollars comma 300 point 0 0$66,950.00$66,950.0066 dollars comma 950 point 0 0$68,958.50

Answer 1

To find the employee's salary at the end of the second year, we need to calculate 3% of the salary at the end of the first year and add it to the salary at the end of the first year.

3% of $65,000 = $65,000 * 0.03 = $1,950

Salary at the end of the first year: $65,000 + $1,950 = $66,950

3% of $66,950 = $66,950 * 0.03 = $2,008.50

Salary at the end of the second year: $66,950 + $2,008.50 = $68,958.50

So the correct answer is $68,958.50.