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%
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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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