Alex is hired at $54,924. At the completion of each year with the company, Alex receives a raise of $1,322 plus 5.4% of their current salary. What is Alex's salary at the beginning of their fourth year with the company (i.e., after they have completed three years with the company)? Round your final answer to the nearest dollar; don't round any intermediate results.
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Step 1
- Initial salary: $54,924 - Raise: $1,322 - Percentage raise: 5.4% of $54,924 = 0.054 * 54,924 = $2,973.96 - Total raise for the first year: $1,322 + $2,973.96 = $4,295.96 - Salary after the first year: $54,924 + $4,295.96 = $59,219.96 Show more…
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