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

Calculation:
Year 1:
$40,000 + 3% of $40,000 = $40,000 + $1,200 = $41,200

Year 2:
$41,200 + 3% of $41,200 = $41,200 + $1,236 = $42,436

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