In 2020, Sumit’s income was ₹21,000. He receives a 10% increase every year. What was his income in 2022?
In 2020, Sumit’s income was ₹21,000. He receives a 10% increase every year. What was his income in 2022?
2020 में सुमित की आय ₹21,000 थी। उसे हर साल 10% की वृद्धि मिलती है। 2022 में उसकी आय कितनी थी?
Detailed Solution & Logic
Correct Answer:
₹25,410
Solution:
Initial income in 2020 = ₹21,000
Annual increase = 10%
Income grows by compound increase:
After 1 year (2021):
$ 21000 \times 1.1 = 23100 $
After 2 years (2022):
$ 23100 \times 1.1 = 25410 $
OR directly:
$ 21000 \times (1.1)^2 = 21000 \times 1.21 = 25410 $
Final Answer:
₹25,410 ✔️
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