An employee is starting a job with an annual(yearly) salary of $40,000. The employee's salary will increase by 3% at the end of each year with the company. What will the employee's salary, in dollars, be at the end of the second year with the company? (1 point) Responses $1200 $1200 $41,200 $41,200 $42,436 $42,436 $1236

Question

An employee is starting a job with an annual(yearly) salary of $40,000. The employee's salary will increase by 3% at the end of each year with the company. What will the employee's salary, in dollars, be at the end of the second year with the company? (1 point) Responses $1200 $1200 $41,200 $41,200 $42,436 $42,436 $1236

Answer 1

$41,200

Salary at the end of the first year: $40,000 + 3% of $40,000 = $40,000 + $1200 = $41,200

Salary at the end of the second year: $41,200 + 3% of $41,200 = $41,200 + $1236 = $42,436

Therefore, the employee's salary at the end of the second year with the company will be $42,436.