I'm talking about the basic math, absent all other factors. Given a choice between an N% raise two years in a row or a 2N% raise on the first year, the latter

I'm talking about the basic math, absent all other factors. Given a choice between an N% raise two years in a row or a 2N% raise on the first year, the latter is more money. You choose, base salary is 100k and target raise is 10% two years in a row or 20% in the first year only. Do you want $120k + $120k or do you want $110k + $121k? This involves the assumption that the "no raise" year is a one-off event to offset the double raises the previous year. It's a good deal.