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Under a merit pay system, calculate Bonnies salary ($50,000) based on 7 percent annual increase in 2016 through the year 2020. For Jim ($35,000), apply

Under a merit pay system, calculate Bonnie’s salary ($50,000) based on 7 percent annual increase in 2016 through the year 2020. For Jim ($35,000), apply a 3 percent annual increase rate. What are the adjusted salaries for each year?

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