If we start from the given formula to find the average annual salary of Ohio employees in 2002, first we need to find the value of t for 2002. From the statement of the question, we know that, for 2002, we have:
[tex]\begin{gathered} t=2002-2000 \\ t=2 \end{gathered}[/tex]
Substituting this value in the formula, we have:
[tex]\begin{gathered} A=37,789\times(1+0.024)^2 \\ A=37,789\times1.0024^2 \\ A=37,789\times1.00480576 \\ A=37,970.60486464 \end{gathered}[/tex]
Now we can round it to the second decimal please:
[tex]A=37,789.60[/tex]
