A worker's present salary is ₦24,000 per annum. His annual increment is 10% of his basic salary at the beginning of the third year?
Answer Details
The worker's annual increment is 10% of his basic salary at the beginning of the third year. This means that at the beginning of the third year, his salary will increase by 10% of his present salary.
The third year's salary will be:
= 24,000 + 10% of 24,000
= 24,000 + 2,400
= 26,400
Therefore, at the beginning of the third year, the worker's basic salary will be ₦26,400 per annum.
Now, we need to calculate the worker's salary after the annual increment at the beginning of the third year.
Salary after increment = Basic salary at the beginning of the third year + 10% of basic salary at the beginning of the third year
= ₦26,400 + 10% of ₦26,400
= ₦26,400 + ₦2,640
= ₦29,040
Therefore, the worker's salary after the annual increment at the beginning of the third year is ₦29,040 per annum.
Hence, the answer is ₦29,040.