Last year, Company X paid out a total of $1,050,000 in salaries to its 21 employees. If no employee earned a salary that is more than 8% greater than any other employee, what is the lowest possible salary that any one employee earned?  Choose the correct choice from the following answers
A) $40,000 B) $41,667 C) $42,000 D) $46,460.17 E) $60,000
Employee 1 earned $x(say)   Employee 2 will not earn more than $1.08x   Therfore, to minimize the salary of any one employee, we need to maximize the salaries of the other 20 employees   (1.08x*20)+x=1,050,000   Solving for x=$46,460.17   Answer $46,460.17
<result>D</result>
Last year, Company X paid out a total of $1,050,000 in salaries to its 21 employees. If no employee earned a salary that is more than 8% greater than any other employee, what is the lowest possible salary that any one employee earned?