Question
Download Solution PDFA government servant spends 76% of his income. If his income is increased by 14%,and his expenditure is increased by 10%, then find the percentage increase in his savings. (Correct to 2 decimal places)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFData:
Percentage of income spent = 76%
Percentage increase in income = 14%
Percentage increase in expenditure = 10%
Concept:
Savings is income minus expenditure.
The percentage increase in savings is the difference between the new and old savings, divided by the old savings, times 100%.
Solution:
Step 1: If the initial income is 100, then
⇒ savings = income - expenditure = 100 - 76 = 24.
Step 2: New income = 100 + 14 = 114,
⇒ New expenditure = 76 + 7.6 = 83.6, New savings = 114 - 83.6 = 30.4
Step 3: Percentage increase in savings,
⇒ (New savings - old savings) / old savings × 100% = (30.4 - 24) / 24 × 100% = 26.67%
Hence, the percentage increase in his savings is approximately 26.67%.
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