jose is promoted to salary level 3, receives a 3% cost - of - living increase and a 10% merit bonus. what is…
jose is promoted to salary level 3, 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
Explanation:
Step1: Calculate cost - of - living increase
The base salary at level 3 is $70000$. The cost - of - living increase is 3% of $70000$. So the amount of cost - of - living increase is $70000\times0.03=2100$.
Step2: Calculate salary after cost - of - living increase
The salary after cost - of - living increase is $70000 + 2100=72100$.
Step3: Calculate merit bonus
The merit bonus is 10% of $72100$. So the amount of merit bonus is $72100\times0.1 = 7210$.
Step4: Calculate new salary
The new salary is $72100+7210 = 79310$.
Answer:
$79310$