A person is hired for a job that Tk. 500 per month and receives a 10% raise in each following month. In the fourth month, how much will that person earn (in taka)?

A person is hired for a job that Tk. 500 per month and receives a 10% raise in each following month. In the fourth month, how much will that person earn (in taka)? Correct Answer 665.50

He gets a raise at a compound rate in each month. So, in the 4th month or at the end of the 3rd month his salary will be = 500 (1 + 10/100)3  = 500 x 1.13  = 500  x1.331 =  665.50 TK.
Bissoy MCQ

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