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A worker's present salary is N24,000 per annum. His a...

A worker's present salary is N24,000 per annum. His annual increment is 10% of his basic salary. What would be his annual salary at the beginning of the third year?

A.

N28,800

B.

N29,040

C.

N31,200

D.

N31,944

Correct answer is B

Present salary = N24,000.

Increment after first year = 10100×N24,000=N2,400

Salary at the beginning of second year = N(24,000 + 2,400)

= N26,400.

Increment after second year = 10100×N26,400=N2,640

Salary at the beginning of third year = N(26,400 + 2,640)

= N29,040.

His salary at the beginning of the third year = N29,040.