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Puzzle of the Day

These puzzles are also printed in Eight days a week, a booklet published by the Association of Teachers of Mathematics.The Association of Teachers of Mathematics

Suppose someone is paid £20,000 in the year 2000 and each year afterwards is given a pay rise of 10% of the previous year's salary. In what year would they be paid £100,000? When would they have been paid £1 million in total? Try this for 5% increases.

Answer: in 2017 pay is over £100,000; by the end of 2019 the total is over £1m. At 5% it is 2034 before £100000pa but £1m total is reached in 2026

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