Monthly salary of Jitvik in the month of December 2020 was Rs. 24,800. Every year his salary increases by 5% from the month of January. What was his salary (in Rs. ) in the month of February 2022?

Correct option is A

Given:
Monthly salary of Jitvik in December 2020 = Rs 24,800
Salary increment every year =5%
Formula Used:
Successive increment of x% and y% are given then
Effective increase = $$x + y +\frac{ xy}{100}$$​​
Solution:
Till February 2022 increment has been given two times. (JAN 2021 and Jan 2022)
Taking 5% and 5% percent
= 5+5 + $$\frac{(5\times5)}{100}$$​​
= 10.25%
​$$24800 \times\frac{ 10.25}{100 }= 2542$$​​
24800+ 2542 = 27342
Alternate Method:
For Successive Increment
New Salary = Old Salary x ((100+R1))/100 x ((100+R2))/100 x ((100+R3))/100 x …… ((100+Rn))/100
=  $$24800 \times \frac{105}{100} \times \frac{105}{100} = Rs. 27342$$​​