Question : A man spends 60% of his income on different items. His income has increased by 20% and his expenditure has also increased by 10%. Find the percentage increase in his savings.
Option 1: 10%
Option 2: 15%
Option 3: 20%
Option 4: 35%
Correct Answer: 35%
Solution :
Let's assume the total salary of a man = 100 units
Expenditure on different items = 60 units
Savings of the man = (100 – 60) = 40 units
New income of man increased by 20% = 100 × $\frac{120}{100}$ = 120 units
His new expenditure also increases by 10% = 60 × $\frac{110}{100}$ = 66 units
New savings of the man = (120 – 66) = 54 units
Difference in savings = (54 – 40) = 14 units
Percentage increase in savings $=\frac{14}{40} × 100 = 35\%$
Hence, the correct answer is 35%.
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