Question : The monthly income of a person is INR 15,000. He saves 20% of his income. If his income increases by 10% and his nominal savings remain the same, then what will be his new expenditure?
Option 1: INR 13,000
Option 2: INR 14,500
Option 3: INR 13,500
Option 4: INR 14,000
Correct Answer: INR 13,500
Solution :
The monthly income of a person = INR 15000
Savings = $\frac{20}{100}\times15000=3000$
Expenditure = Income – saving = 15000 – 3000 = 12000
When income increases by 10% = $\frac{110}{100}\times15000=16500$
Savings remain the same, so new expenditure = 16500 – 3000 = 13500
Hence, the correct answer is INR 13500.
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