You are offered a job with salary increase

How much can you expect to earn in your fourth year on the job, if you are offered a job that pays $45,000 during the first year, with an annual increase of 7% per year beginning in the second year?

To calculate the salary in the fourth year, we need to find the salary for each year:

Calculation of Expected Salary in Fourth Year

Year 1: $45,000
Year 2: $45,000 x 1.07 = $48,150
Year 3: $48,150 x 1.07 = $51,581.50
Year 4: $51,581.50 x 1.07 = $55,304.10

Therefore, the expected salary in the fourth year is $55,304.10 rounded to the nearest dollar, which is $55,304.

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