A worker's present salary is N24,000 per annum. His a...
A worker's present salary is N24,000 per annum. His annual increment is 10% of his basic salary. What would be his annual salary at the beginning of the third year?
N28,800
N29,040
N31,200
N31,944
Correct answer is B
Present salary = N24,000.
Increment after first year = 10100×N24,000=N2,400
Salary at the beginning of second year = N(24,000 + 2,400)
= N26,400.
Increment after second year = 10100×N26,400=N2,640
Salary at the beginning of third year = N(26,400 + 2,640)
= N29,040.
∴ His salary at the beginning of the third year = N29,040.
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