After three years, with a raise of 4% each year the employee would be making $50.61 /hour.
What does Employee mean?
An employee is someone who works for a company in exchange for a salary, wages, or other benefits. Employees are typically hired by their employers to do a specific job or task.
What does Wages mean?
Wages are the sums of money earned by employees for work done for their employers. Wages are usually paid on a regular basis, such as hourly, daily, weekly, bi-weekly, monthly, or yearly. Tips, commissions, bonuses, and other forms of compensation may be included in wages. Wages can also be referred to as earnings or salaries.
After three years, your employees would be making $50.61 per hour ;
= ($45 x 1.04^3).
= ($45 x 1.04 x 1.04 x 1.04).
=$50.61
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