Question : Ravi initially used to save 20% of his monthly income. Recently, his monthly income was raised by 25%. His nominal savings also went up by 5%. What percentage of his present nominal income does Ravi currently save?
Option 1: 25%
Option 2: 20%
Option 3: 15%
Option 4: 16.8%
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Correct Answer: 16.8%
Solution :
Ravi initially used to save 20% of his monthly income. Recently, his monthly income was raised by 25%. His nominal savings also went up by 5%
Let Ravi's initial monthly income be $x$.
Increment% in Ravi's monthly income = 25%
His final monthly income = $1.25x$
Ravi's initial savings% = 20%
Ravi's initial savings= $0.2x$
Increment% in Ravi's savings = 5%
His final savings = $0.2x+0.05\times 0.2x=0.21x$
Percentage of current savings from total income = $\frac{0.21x}{1.25x}\times 100=16.8$%
Hence, the correct answer is 16.8%.
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