An employee is starting a job with an annual(yearly) salary of 40,000
The employee salary will increase by 3% at the end of each year with the company.
What will the employee salary in dollars be at the end of the second year with the company?
To calculate the employee's salary at the end of the second year with the company, we need to find 3% of the current salary and add it to the current salary.
Salary at the end of the first year:
40,000 + (40,000 * 0.03) = 40,000 + 1,200 = 41,200
Salary at the end of the second year:
41,200 + (41,200 * 0.03) = 41,200 + 1,236 = 42,436
Therefore, the employee's salary at the end of the second year with the company will be $42,436.