The monthly income of a person in the year 2020 was Rs 65000 and his monthly expenditure was Rs 45000. In the year 2021 his monthly income increased by 15 percent and his monthly expenditure by 7 percent. What is the percentage increase in his savings?
A33% ✓ Correct
B31%
C35%
D28%
Correct answer: (A) 33%
Explanation
Savings rise by 33%.
Initial savings = 65000 - 45000 = 20000.
New income = 65000 x 1.15 = 74750.
New expenditure = 45000 x 1.07 = 48150.
New savings = 74750 - 48150 = 26600.
Increase = (26600 - 20000)/20000 x 100 = 6600/20000 x 100 = 33%.
Want more like this? Create a free account to practise a full test, track your progress, and get spaced-repetition review.
Practise on Mcqkart →🎓 Book an expert →