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
To calculate the annual salary at the end of the second year, we need to find the salary increase for each year and add it to the starting salary.
Salary increase at the end of the first year:
3/100 x $65,000 = $1,950
Salary at the end of the first year:
$65,000 + $1,950 = $66,950
Salary increase at the end of the second year:
3/100 x $66,950 = $2,008.50
Salary at the end of the second year:
$66,950 + $2,008.50 = $68,958.50
Therefore, the employee's annual salary at the end of the second year with the company will be $68,958.50.