Question
Download Solution PDFA person spends 60% of his income. His income increased by 30% and he increased his expenditure by 20%. His percent savings will then be increased by:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A person spends 60% of his income. His income increased by 30% and he increased his expenditure by 20%. His percent savings will then be increased by:
Formula used:
Initial Savings = Income - Expenditure
New Savings = New Income - New Expenditure
Percentage Increase in Savings = \(\dfrac{New Savings - Initial Savings}{Initial Savings} \times 100\)
Calculation:
Let initial income be 100.
Initial expenditure = 60% of 100 = 60
Initial savings = 100 - 60 = 40
New income = 100 + 30% of 100 = 100 + 30 = 130
New expenditure = 60 + 20% of 60 = 60 + 12 = 72
New savings = 130 - 72 = 58
Percentage Increase in Savings = \(\dfrac{58 - 40}{40} \times 100\)
⇒ \(\dfrac{18}{40} \times 100\)
⇒ 45%
∴ The correct answer is option (2).
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