Suppose Dennis currently earns a salary of $

47,100 a year, and he assumes he will receive a 5% raise each year.

Dennis's salary at the beginning of year 2 will be 5% more than his salary for year 1.

Dennis's salary at the beginning of year 3 will be 5% more than his salary for year 2, etc.

At the beginning of the fourth year how much does Dennis assume he will receive as hisyearly salary?

(Round your answer to the nearest whole dollar.)