Question : Shiva’s monthly salary is Rs.75,000. He spends Rs.12,000 on household items, Rs.14,000 on LIC and mutual funds, Rs.15,000 on his children’s education, and keeps Rs.10,000 for miscellaneous expenses. His savings are Rs.21,000 per month and he donates the rest of the amount to an orphanage. The percentage of his income that he donates is:
Option 1: 3%
Option 2: 6%
Option 3: 8%
Option 4: 4%
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Correct Answer: 4%
Solution :
Percentage Donated = $\frac{\text{Amount Donated}}{\text{Total Income}}\times 100$
First, let's calculate the total expenses:
Total Expenses = Household items + LIC and mutual funds + Children's education + Miscellaneous expenses Total Expenses
= Rs. 12,000 + Rs. 14,000 + Rs. 15,000 + Rs. 10,000 = Rs. 51,000
Amount Donated = Total Income – Total Expenses – Savings
Amount Donated = Rs. 75,000 – Rs. 51,000 – Rs. 21,000 = Rs. 3,000
Now, you can calculate the percentage donated:
Percentage Donated = $(\frac{3,000}{75,000}) × 100$ = $(\frac{1}{25}) × 100$ = 4%
Hence, the correct answer is 4%.
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