Question : If Chetan's present income is INR 40,000 and it increases by 1% annually, then what will be his income 2 years from now?
Option 1: INR 50,800
Option 2: INR 58,000
Option 3: INR 40,804
Option 4: INR 44,854
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Correct Answer: INR 40,804
Solution : Use : Amount = P(1 + R%) t , where R = Rate (in decimal) P = Principal t = time in years According to the question Amount = 40000(1+0.01) 2 = 40000(1.0201) = 40804 Hence, the correct answer is INR 40,804
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