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

mike is promoted to salary level 2, receives a 3% cost - of - living increase and a 10% merit bonus. what is mikes new salary?\nlevel 1 2 3\nsalary $54,000 $60,000 $68,000\nround to the nearest dollar.

mike is promoted to salary level 2, receives a 3% cost - of - living increase and a 10% merit bonus. what is mikes new salary?\nlevel 1 2 3\nsalary $54,000 $60,000 $68,000\nround to the nearest dollar.

Answer

Answer:

$70,380

Explanation:

Step1: Calculate cost - of - living increase

$60000\times(1 + 0.03)=60000\times1.03 = 61800$

Step2: Calculate salary with merit bonus

$61800\times(1 + 0.1)=61800\times1.1=70380$