An employee is starting a job eith an annual 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?
To calculate the employee's salary at the end of the second year, we first need to determine the salary increase for the first year.
Salary increase for the first year = $40,000 * 3% = $1,200
Therefore, the employee's salary at the end of the first year will be: $40,000 + $1,200 = $41,200
Now we will calculate the salary increase for the second year:
Salary increase for the second year = $41,200 * 3% = $1,236
Therefore, the employee's salary at the end of the second year will be: $41,200 + $1,236 = $42,436
So, the employee's salary at the end of the second year with the company will be $42,436.