Question
Download Solution PDFThe monthly income of a person was ₹15,400 and his monthly expenditure was ₹7,200. His income increased by 20% and his expenditure increased by 5%. Find the percentage increase in his savings.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Monthly income = ₹15,400,
Monthly expenditure = ₹7,200,
Income increased by 20%,
Expenditure increased by 5%.
Concept:
Savings = Income - Expenditure,
and we need to find the percentage increase in savings.
Solution:
Initial savings = ₹15,400 - ₹7,200 = ₹8,200.
New income = ₹15,400 × 1.20 = ₹18,480.
New expenditure = ₹7,200 × 1.05 = ₹7,560.
New savings = ₹18,480 - ₹7,560 = ₹10,920.
Increase in savings = (₹10,920 - ₹8,200) / ₹8,200 = 0.3317 or 33.17%.
Therefore, the percentage increase in his savings is 33.17%.
Last updated on Jul 8, 2025
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