A baseball player just signed a new contract in which he will earn a 12% raise in base pay over last year. Last year he earned no performance bonus, but this year he will have the opportunity to earn up to $50,000 in extra pay through performance. If he earns the full performance bonus, his salary will effectively have been raised by 12.5% from the last year. Assuming he earns the full performance bonus, what will his new salary be?	Choices:
A) 5,150,000  B) 10,550,000  C) 11,250,000  D) 11,450,000  E) 12,250,000
let x = the old salary   the new base pay + 50,000 = the new pay   (1+.12)*x + 50,000 = (1+.125)*x   1.12x + 50,000 = 1.125x   50,000 = .005x   10,000,000 = x   thus the new pay = (1+.125)*10,000,000 = 11,250,000   11,250,000
<result>C</result>
A baseball player just signed a new contract in which he will earn a 12% raise in base pay over last year. Last year he earned no performance bonus, but this year he will have the opportunity to earn up to $50,000 in extra pay through performance. If he earns the full performance bonus, his salary will effectively have been raised by 12.5% from the last year. Assuming he earns the full performance bonus, what will his new salary be?