Question
Download Solution PDFThe income of Raman is ₹75400. He saves 23% of his income. If his income increases by 27% and expenditure increases by 50%, then his savings will:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Original Income = ₹75400
Original Savings Percentage = 23%
Income Increase Percentage = 27%
Expenditure Increase Percentage = 50%
Formula used:
Savings = Income - Expenditure
Expenditure = Income x (1 - Savings Percentage)
New Value = Original Value x (1 + Percentage Increase / 100)
Calculation:
Original Savings = 75400 x 23/100 = ₹17342
Original Expenditure = 75400 - 17342 = ₹58058
New Income = 75400 x (1 + 27/100) = 75400 x 1.27 = ₹95758
New Expenditure = 58058 x (1 + 50/100) = 58058 x 1.50 = ₹87087
New Savings = New Income - New Expenditure
⇒ New Savings = 95758 - 87087 = ₹8671
Change in Savings = New Savings - Original Savings
⇒ Change in Savings = 8671 - 17342 = -₹8671
∴ His savings will decrease by ₹8671.
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