159 Views

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%


Team Careers360 13th Jan, 2024
Answer (1)
Team Careers360 21st Jan, 2024

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%.

SSC CGL Complete Guide

Candidates can download this ebook to know all about SSC CGL.

Download EBook

Know More About

Related Questions

TOEFL ® Registrations 2024
Apply
Accepted by more than 11,000 universities in over 150 countries worldwide
Manipal Online M.Com Admissions
Apply
Apply for Online M.Com from Manipal University
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books