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JAMB Mathematics 1995 Question 4

Question 4

Commercial Arithmetic

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?

  1. A.N28,800
  2. B.N29,040
  3. C.N31,200
  4. D.N31,944
Show the answer and explanation

Answer: A (N28,800)

Explanation

Each increment is 10% of N24,000 = N2,400. By the start of the third year he has had two increments: 24,000 + 2 × 2,400 = N28,800.