Question : The salary of an employee increases consistently by 20% every year. If his salary today is Rs. 14,000, what will be his salary after 3 years?
Option 1: Rs. 24,192
Option 2: Rs. 31,200
Option 3: Rs. 42,344
Option 4: Rs. 31,220
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Correct Answer: Rs. 24,192
Solution :
Given:
Current salary: Rs. 14000
Annual salary increase: 20%
Number of years: 3
Calculate the salary after 3 years using compound interest formula:
Final salary = Current salary × (1 + rate%)$^{\text{time}}$
⇒ Final salary = 14000 × (1 + 20%)$^3$ =14000 × (1.2)$^3$= 14000 × 1.728 = Rs. 24,192
Hence, the correct answer is Rs. 24,192.
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