22 May, 15:17

You accept a new job with a starting salary of \$51,000. You receive a 3% raise at the start of your second year, a 5.6% raise at the start of your third year, and an 11.1%raise at the start of your fourth year. (Round your answers to two decimal places.)(a) Find your salary for the second year.\$(b) Find your salary for the third year.\$(c) Find your salary for the fourth year.\$

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1. 22 May, 15:46
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(a) Salary for the second year = \$52,530

(b) Salary for the third year=\$55,471.68

(c) Salary for the fourth year=\$61,573.56

Step-by-step explanation:

a. To find the salary for the second year, you have to calculate the 3% of the base salary and added it to it:

Base salary = \$51,000

\$51,000*3% = \$1,530

\$51,000+\$1,530 = \$52,530

Salary for the second year = \$52,530

b. To find the salary for the third year, you have to calculate the 5.6% of the salary for the second year and add it to the salary:

\$52,530*5.6%=\$2,941.68

\$52,530+\$2,941.68 = \$55,471.68

Salary for the third year=\$55,471.68

c. To find the salary for the fourth year, you have to calculate the 11.1% of the salary for the third year and add it to that salary:

\$55,471.68*11.1%=\$6,101.88

\$55,471.68+\$6,101.88=\$61,573.56

Salary for the fourth year=\$61,573.56