an employee is starting a job with an annual salary of $65,000. The employees annual salary will increase by 3% at the end of each year with the company. What will the employees annual salary be in dollars at the end of the second year with the company.
To find the employee's annual salary at the end of the second year, we first need to calculate the salary increase at the end of the first year.
Salary increase at the end of the first year = $65,000 * 3% = $1,950
The employee's annual salary at the end of the first year will be:
$65,000 + $1,950 = $66,950
Now, we can calculate the salary increase at the end of the second year:
Salary increase at the end of the second year = $66,950 * 3% = $2,008.50
The employee's annual salary at the end of the second year will be:
$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.