Question
Download Solution PDFA man saves 25% of his monthly income. Due to a 20% increase in his income, his expenditure also increases by 20%. Now he can save Rs. 1,500 per month. Find his original monthly income.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven Data:
The man saves 25% of his monthly income.
Due to a 20% increase in income, his expenditure also increases by 20%.
New savings = ₹1500 per month.
Concept Used:
Savings = Income - Expenditure
Calculation:
Let's denote the original monthly income as I and expenditure as E.
⇒ So, I - E = Savings.
We know that Savings = 0.25I and the Expenditure(E) = I - 0.25I = 0.75I.
After the increase, Income is 1.2I, and Expenditure is,
⇒ 1.2E = 1.2(0.75I) = 0.9I.
⇒ New savings = 1.2I - 0.9I = 0.3I.
Given that new savings = ₹1500,
⇒ 0.3I = ₹1500.
⇒ I = ₹1500 / 0.3 = ₹5000.
Therefore, the original monthly income of the man was ₹5000.
Last updated on Jun 30, 2025
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