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?
Percent of a Number (examples, solutions, videos, worksheets, games, activities)
(1 point)
Responses
$1200
$1200
$41,200
$41,200
$42,436
$42,436
$1236
$41,200
Explanation:
Year 0: $40,000
Year 1: $40,000 + 3% = $40,000 + $1,200 = $41,200
Year 2: $41,200 + 3% = $41,200 + $1,236 = $42,436
Therefore, at the end of the second year with the company, the employee's salary will be $42,436.