Jennifer takes a job with a starting salary of $39,000 for the first year with an annual increase of 5% beginning in the second year. What is Jennifer's salary, to the nearest dollar
39,000 * 1.05 = ?
To calculate Jennifer's salary for each year, we can utilize the given information that she starts with a salary of $39,000 in the first year and has an annual increase of 5% beginning in the second year.
Let's break it down year by year:
Year 1: Jennifer's salary is $39,000.
For the subsequent years (starting from year 2), Jennifer's salary will increase by 5% each year. To find her salary for each of these years, we can use the formula:
Salary = Previous Year's Salary + (Previous Year's Salary x Annual Increase)
Let's calculate Jennifer's salary for year 2:
Salary in Year 2 = $39,000 + ($39,000 x 0.05)
Salary in Year 2 = $39,000 + $1,950
Salary in Year 2 = $40,950
Now, let's calculate Jennifer's salary for year 3 using the same formula:
Salary in Year 3 = $40,950 + ($40,950 x 0.05)
Salary in Year 3 = $40,950 + $2,047.50
Salary in Year 3 ≈ $42,997.50
We can continue this process for subsequent years, but since we are only interested in Jennifer's salary to the nearest dollar, let's round the result for year 3 to the nearest dollar:
Salary in Year 3 ≈ $42,998
Therefore, Jennifer's salary, to the nearest dollar, in the third year is $42,998.