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
To find the employee's annual salary at the end of the second year, we need to calculate the salary increase and add it to the initial salary.
First year salary increase: 3% of $65,000 = $1,950
First year salary: $65,000 + $1,950 = $66,950
Second year salary increase: 3% of $66,950 = $2,008.50
Second year salary: $66,950 + $2,008.50 = $68,958.50
Therefore, the employee's annual salary at the end of the second year will be $68,958.50.