Icrease increase................
Probability
Level
2
After three successive equal percentage rise in the salary the sum of 100 rupees turned into 140 rupees and 49 paise. Find the percentage rise in the salary?
The answer is 12.
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Assuming all three increases are the same and the percentage of increase each time is 12%.
S = Initial Salary = 100
F = Final Salary = 140.49
R = Rate of Increase
N = Number of Increases
Using the Compound Interest Formula:
F = S * (1 + R) ^ N
140.49 = 100 (1 + R)^3
and solve for R
R = 0.12