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
$63,050.5063 dollars comma 050 point 5 0
$65,300.0065 dollars comma 300 point 0 0
$66,950.0066 dollars comma 950 point 0 0
$68,958.50
To find the employee's salary at the end of the second year, we need to calculate the increase from the original salary of $65,000 after 2 years of a 3% increase.
The increase after the first year can be calculated as 0.03 * $65,000 = $1,950.
Adding this increase to the original salary gives $65,000 + $1,950 = $66,950.
To calculate the increase after the second year, we can repeat the calculation: 0.03 * $66,950 = $2,008.50.
Adding this increase to the salary at the end of the first year gives $66,950 + $2,008.50 = $68,958.50.
Therefore, the employee's annual salary at the end of the second year with the company is $68,958.50.
The correct answer is $68,958.50.