Question 61

If Chetan's present income is ₹40,000 and it increases by 1% annually, then what will be his income 2 years from now?

Solution

If Chetan's present income is ₹40,000 and it increases by 1% annually.

His income after 2 years from now = 40000 of (100+1)% of (100+1)%

= 40000 of (101)% of (101)%

= $$40000\times\ \frac{101}{100}\times\ \frac{101}{100}$$

= $$4\times\ 101\times\ 101$$

= 40804

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