Mr. Shamin's salary increases every year by 10% in June. If there is no other increase or reduction in the salary and his salary in June 2024 was Rs. 22,385/-, what was his salary in June 2022
Given:
Salary in June 2024 = Rs. 22,385
Annual increment = 10%
We need salary two years back (June 2022)
Formula:
Previous Salary = Present Salary / (1 + r)n
Where r = rate of increase, n = number of years
Solution:
Salary in June 2022 = 22385 / (1.10)2
= 22385 / 1.21
= Rs. 18,500 (approx)
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