Last year, Ranjan’s monthly salary was ₹34,500 and this year his monthly salary is ₹38,640. What is the percentage increase in Ranjan’s monthly salary this year over his monthly salary last year?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 12%.
Old Salary = ??34,500
New Salary = ₹38,640
Increase = New Salary − Old Salary = 38,640 − 34,500 = 4,140
Percentage Increase = (New Salary − Old Salary)/Old Salary × 100
⇒ Percentage Increase = 4,140/34,500 × 100
⇒ Percentage Increase = (4,140 × 100)/34,500 = 414,000/34500 = 12%