If Chetan's present income is ₹40,000 and it increases by 1% annually, then what will be his income 2 years from now?
Answer & explanation
Correct answer: option 3
Present income of chetan = 40,000
According to question ,
Chetan's income after 2 years = 40,000 × \(\frac{101}{100}\) × \(\frac{101}{100}\)
= 40,804