Question
Download Solution PDFThe monthly income of a person was Rs. 12,000 and his monthly expenditure was Rs. 8,000. Next year, his income increased by 10% and his expenditure by 8%. Find the percentage increase in his savings.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Monthly income = Rs 12,000
Monthly expenditure = Rs 8,000
Increase in income after a year = 10%
Increase in expenditure after a year = 8%
Concept Used:
New Amount = Original Amount + Percentage of Original Amount
Savings = Income – Expenditure
Calculation:
Savings before increase = 12000 – 8000 = Rs 4,000
Increase in income after a year = 12000 + 10% of 12000
Increase in income = 12000 + 1200
Increase in expenditure = 8000 + 8% of 8000
Increase in expenditure = 8000 + 640 = Rs 8640
Savings after increase = 13200 – 8640 = Rs 4560
Increase in savings = Rs 4560 – 4000 = Rs 560
Savings percentage increase = 560/4000 × 100
= 14%
Hence, the percentage increase in savings is 14%.
Last updated on Jul 14, 2025
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