Question
Download Solution PDFThe salary of an employee of a company increases every month by 5%. If his salary in March was Rs. 7,500, then what would be his approximate salary in month of May of the same year?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Salary in March = ₹7,500
Monthly increase rate = 5%
Formula used:
Future Salary = Present Salary × (1 + Rate/100)n
Where, n = number of months
Calculations:
April Salary = 7500 × (1 + 5/100)
⇒ April Salary = 7500 × 1.05
⇒ April Salary = 7875
May Salary = April Salary × (1 + 5/100)
⇒ May Salary = 7875 × 1.05
⇒ May Salary = 8268.75
∴ The correct answer is option 1.
Last updated on May 9, 2023
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