Question
Download Solution PDFThe monthly income of a person was Rs. 80,000 and his monthly expenditure was Rs. 45,000. Next year, his Income Increased by 16% and his expenditure Increased by 8%. Find the percentage increase in his savings (correct to 2 decimal places).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven :
Monthly income of a person was Rs. 80,000.
Monthly expenditure was Rs. 45,000.
Income Increased by 16%.
Expenditure Increased by 8%.
Formula Used :
Income = Expenditure + Saving
Calculation :
Income increased by 16% = 80000 × 116/100 = 92800
Expenditure increased by 8% = 45000 × 108/100 = 48600
Old Saving = 80000 - 45000 = 35000
New Saving = 92800 - 48600 = 44200
Increase = 44200 - 35000 = 9200
Percentage increase = 9200/35000 × 100 = 9200/350 = 26.28%
∴ The correct answer is 26.28%.
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