Question : A man spends $\frac{2}{3} $rd of his income. If his income increases by 14% and the expenditure increases by 20%, then the percentage increase in his savings will be?
Option 1: 6%
Option 2: 2%
Option 3: 4%
Option 4: 1%
Correct Answer: 2%
Solution :
Let the income of the man be Rs. 300. Expenditure of the man = 300 × ($\frac{2}{3}$) = Rs. 200 Savings of the man = 300 – 200 = Rs. 100 New income of the man = 300 × ($\frac{114}{100}$) = Rs. 342 New expenditure of the man = 200 × ($\frac{120}{100}$) = Rs. 240 New savings of the man = 342 – 240 = Rs. 102 Required percentage = $\frac{(102 - 100)}{100} × 100 = 2\%$ Hence, the correct answer is 2%.
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