Question
Download Solution PDFRahul spends 70% of his income. His income increased by 15% and his expenditure increased by 7.5%. What is the percentage increase in his savings?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rahul spends 70% of his income.
Income increase = 15%
Expenditure increase = 7.5%
Formula Used:
Savings = Income - Expenditure
Percentage Increase in Savings = (New Savings - Old Savings)/(Old Savings) × 100
Calculation:
Let initial income be 100.
Initial expenditure = 70% of 100 = 70
Initial savings = 100 - 70 = 30
New income = 100 + 15% of 100
New income = 100 + 15 = 115
New expenditure = 70 + 7.5% of 70
New expenditure = 70 + 5.25 = 75.25
New savings = 115 - 75.25
New savings = 39.75
Percentage increase in savings:
Percentage Increase in Savings = (39.75 - 30)/(30) × 100
⇒ (9.75)/(30) × 100
⇒ 32.5%
The percentage increase in his savings is 32.5%.
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