Question : Raman spends 75% of his income. If his income increases by 20% and expenditure also increases by 10%, then by what percent will Raman's savings increase?
Option 1: 35%
Option 2: 40%
Option 3: 50%
Option 4: 45%
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Correct Answer: 50%
Solution :
Let Rs. 100 be the initial income.
Initial expenditure = Rs. 75
Initial savings = Rs. 25
Increase in income = 20%
Final income = 120
Increase in expenditure = 10%
Final expenditure = 75 + 7.5 = 82.5
Final savings = 120 – 82.5 = 37.5
Increase in savings = 37.5 – 25 = 12.5
Percentage increase in savings = $\frac{12.5}{25}×100$%
= 50%
Hence, the correct answer is 50%.
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