The salary of an employee in the month of March is ₹7,500, and the company increases his salary every month by 2%. His salary in the month of May of the same year is:
Show answer & explanation
Correct answer: C
Explanation
The Correct answer is option 3 i.e. Rs 7,803.
Given that
The salary of an employee in the month of March is Rs 7,500
The company increases his salary every month by 2%
According to the question;
His salary in the month of May of the same year = 7500 × (102/100) × (102/100) = Rs 7,803