A Survey Conducted in January,2007 Found the Median Pay Effective

A survey conducted in January,2007 found the median pay effective January 1,2007,for a clerk was $20,000 and the forecast rate of wage increases in the market for 2007 was 5% and another 5% for 2008.An employer choosing to follow a lead/lag policy for the 2008 plan year will need to _____.

A) add $2000 to base pay
B) multiply the salary by 105 %
C) multiply the salary by 105 % and then by another 5 %
D) multiply the salary by 110%

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