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
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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