Question

A man joined a company as Assistant Manager. The company gave him a starting salary
of ₹60,000 and agreed to increase his salary 5% annually. What will be his salary after 5 years?

Answer 1

Step-by-step explanation:

 salary   =  60,000 

Every year 5% of annual salary is increasing.

Second year salary  =  60000 + 5% of 60000

  =  60000(1 + 5%)

Third year salary  =  60000 + 5% of 60000(1 + 5%)

  =  60000(1 + 5%)(1 + 5%)

  =  60000(1 + 5%)2

By continuing in this way,  salary after 5 years is

  =  60000(1 + 5%)5

  =  60000(105/100)5

  =  60000(1.05)5 

  =  76577

Problem 2 :

Answer 2

Answer:

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Step-by-step explanation:

P = 60000

R = 5% p.a

N = 5 years

To find = A = ?

A = P×R×N/100

= 60000×5×5/100

= 600×25

= 150 rupees

Therefore, A = 150 rupees