Concept:Successive percentage increases are applied one after another to the initial value. The final value is calculated by multiplying the initial value by
(1+1005), then by
(1+1006), and then by
(1+10010).
Explanation:Step 1: Increase for 2021:
5% of ₹5,50,000 is added.
Value after 2021 =
₹5,50,000×(1+1005)=₹5,50,000×1.05=₹5,77,500.
Step 2: Increase for 2022:
6% of the new value is added.
Value after 2022 =
₹5,77,500×(1+1006)=₹5,77,500×1.06=₹6,12,150.
Step 3: Increase for 2023:
10% of the latest value is added.
Value after 2023 =
₹6,12,150×(1+10010)=₹6,12,150×1.10=₹6,73,365.
Thus, after applying all three successive increases, the final market value is ₹6,73,365.
Answer:₹6,73,365