Answer :
Sure, let's determine James's new salary after his promotion to salary level 2 along with the cost-of-living increase and the merit bonus.
Firstly, we know that the salary for level 2 is [tex]$54,000. 1. Cost-of-Living Increase: James receives a 3% cost-of-living increase on his salary level: \[ \text{Cost-of-Living Increase} = 54,000 \times 0.03 = 1,620 \] 2. Merit Bonus: James also receives a 10% merit bonus: \[ \text{Merit Bonus} = 54,000 \times 0.10 = 5,400 \] 3. New Salary Calculation: To find his new salary, we need to add the level 2 salary, the cost-of-living increase, and the merit bonus: \[ \text{New Salary} = 54,000 + 1,620 + 5,400 = 61,020 \] 4. Rounding: The calculated salary is already a whole number, so no rounding is needed. Thus, James's new salary, after considering the cost-of-living increase and the merit bonus, is \(\$[/tex]61,020\).
Firstly, we know that the salary for level 2 is [tex]$54,000. 1. Cost-of-Living Increase: James receives a 3% cost-of-living increase on his salary level: \[ \text{Cost-of-Living Increase} = 54,000 \times 0.03 = 1,620 \] 2. Merit Bonus: James also receives a 10% merit bonus: \[ \text{Merit Bonus} = 54,000 \times 0.10 = 5,400 \] 3. New Salary Calculation: To find his new salary, we need to add the level 2 salary, the cost-of-living increase, and the merit bonus: \[ \text{New Salary} = 54,000 + 1,620 + 5,400 = 61,020 \] 4. Rounding: The calculated salary is already a whole number, so no rounding is needed. Thus, James's new salary, after considering the cost-of-living increase and the merit bonus, is \(\$[/tex]61,020\).
