A new analyst earns $30,000 a year with a promised 3% raise at the end of every year. What is the annual salary after two raises?

1. A constant percentage raise multiplies the salary by the same factor each year, here 1.03. 2. After the first raise: $30,000 x 1.03 = $30,900. 3. After the second raise: $30,900 x 1.03 = $31,827. 4. So two raises compound to $31,827, not just two flat additions. 5. Option C, $31,800, adds $900 twice, ignoring that the second raise also applies to the first raise. _Source: OpenStax Algebra and Trigonometry (CC BY 4.0), Ch 13 "Sequences, Probability and Counting Theory", section 13.3 GEOMETRIC SEQUENCES_