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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