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 of was 5% and another 5% for 2008.If an employer chooses to follow a strategy of lagging the market by 3% for the plan year 2008,they will need to _____.

A) add 3% to $20,000
B) multiply the salary by 103%
C) multiply the salary by 108%
D) multiply the salary by 105% and then by 103%

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