jose is promoted to salary level 2, receives a 3% cost - of - living increase and a 10% merit bonus. what is…

jose is promoted to salary level 2, receives a 3% cost - of - living increase and a 10% merit bonus. what is joses new salary?\nlevel 1 2 3\nsalary $58,000 $62,000 $70,000\nround to the nearest dollar.

jose is promoted to salary level 2, receives a 3% cost - of - living increase and a 10% merit bonus. what is joses new salary?\nlevel 1 2 3\nsalary $58,000 $62,000 $70,000\nround to the nearest dollar.

Answer

Answer:

$71,278$

Explanation:

Step1: Calculate cost - of - living increase

The base salary at level 2 is $62000$. The cost - of - living increase is $3%$ of $62000$. So, $62000\times0.03 = 1860$.

Step2: Calculate merit bonus

The merit bonus is $10%$ of $62000$. So, $62000\times0.1=6200$.

Step3: Calculate new salary

The new salary is the sum of the base salary, cost - of - living increase and merit bonus. $62000 + 1860+6200=71260$. Rounding to the nearest dollar gives $71278$.