Question
Download Solution PDFArvind spends 75% of his income. His income is increased by 20% and he increased his expenditure by 10%. His savings are increased by:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Arvind spends 75% of his income. Income is increased by 20% and expenditure by 10%.
Formula used:
Income = Expenditure + Savings
Calculation:
Let income of a man be 100 Rs.
Expenditure = 75 Rs.
Saving = 25 Rs.
New income = 100 × 120/100 = 120 Rs.
New expenditure = 75 × 110/100 = 82.5 Rs.
New saving = 120 - 82.5 = 37.5 Rs.
Percent increase in saving = [(37.5 - 25)/25] × 100
⇒ 12.5 × 4 = 50%
The percentage increase in his savings is 50%
∴ The correct answer is option (1).
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