Answer
The answer is $\$38,288$.
Work Step by Step
Beginning salary $\$30,000$.
Annual increase of $5\%$.
This will form a geometric series.
Common ratio is $1.05$.
The salary on the sixth year is.
$=30,000(1.05)^{6−1}$
Simplify.
$=30,000(1.05)^5$
$=38,288.446875$
Round to the nearest dollar.
$=38,288$.
