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A worker’s present salary is N24,000 per annum. His annual increment is 10% of his…

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?

  • A.
    N28,800
  • B.
    N29,040
  • C.
    N31,200
  • D.
    N31,944
Correct Answer: Option B
Explanation

Present salary = N24,000.

Increment after first year = (frac{10}{100} times N24,000 = N2,400)

Salary at the beginning of second year = N(24,000 + 2,400)

= N26,400.

Increment after second year = (frac{10}{100} times N26,400 = N2,640)

Salary at the beginning of third year = N(26,400 + 2,640)

= N29,040.

(therefore) His salary at the beginning of the third year = N29,040.

 

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