An employee is starting a job with an annual salary of $65,000. The employee’s annual salary will increase by 3% at the end of each year with the company. What will the employee’s annual salary, in dollars, be at the end of the second year with the company?(1 point)

Responses

$63,050.50
63 dollars comma 050 point 5 0

$65,300.00
65 dollars comma 300 point 0 0

$66,950.00
66 dollars comma 950 point 0 0

$68,958.50

3 answers

To find the employee's annual salary at the end of the second year, we need to calculate the salary increase and add it to the initial salary.

First year salary increase: 3% of $65,000 = $1,950
First year salary: $65,000 + $1,950 = $66,950

Second year salary increase: 3% of $66,950 = $2,008.50
Second year salary: $66,950 + $2,008.50 = $68,958.50

Therefore, the employee's annual salary at the end of the second year will be $68,958.50.
a b c or d
d. $68,958.50