A man gets a rise of 10% in salary at the end of his first year of service, and the further rises of 20% and 25% at the end of the second and third years respectively. The rise in each case is being calculated on his salary at the beginning of the year. To what annual percentage increase is this equivalent?

A man gets a rise of 10% in salary at the end of his first year of service, and the further rises of 20% and 25% at the end of the second and third years respectively. The rise in each case is being calculated on his salary at the beginning of the year. To what annual percentage increase is this equivalent?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section: Chapter Questions

Problem 70P

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