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Question
A man joined a company as Assistant Manager. The company gave him a starting salary of ₹ 60,000 and agreed to increase his salary 5% annually. What will be his salary after 5 years?
Solution
Starting salary (a) = ₹ 60000
Increased salary = 5% of starting salary
= `5/100 xx 60000`
= ₹ 3000
Starting salary for the 2nd year = 60000 + 3000
= ₹ 63000
Year increase = 5% of 63000
= `5/100 xx 63000`
= ₹ 3150
Starting salary for the 3rd year = 63000 + 3150
= ₹ 66150
60000, 63000, 66150, …. form a G.P.
a = 60000; r = `(63000)/(60000) = 63/60 = 21/20`
tn = ann–1
t5 = `(60000) (21/20)^4`
= `60000 xx 21/20 xx 21/20 xx 21/20 xx 21/20`
= `(6 xx 21 xx 21 xx 21 xx 21)/(2 xx 2 xx 2 xx 2)`
= 72930.38
5% increase = `5/100 xx 72930.38`
= ₹ 3646.51
Salary after 5 years = ₹ 72930.38 + 3646.51
= ₹ 76576.90
= ₹ 76577
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