A worker's present salary is ₦24,000 per annum. His annual increment is 10% of his basic salary. What would be his annual salary at the beginning of the third year?
Worked solution (try it first)
Each increment is 10% of the basic salary: 0.1×24000= ₦2,400.
At the beginning of the third year he has had two increments: 2×2400= ₦4,800.