Question : The monthly income of a person was INR 12,000 and his monthly expenditure was INR 8,000. Next year, his income increased by 10% and his expenditure by 8%. Find the percentage increase in his savings.
Option 1: 10%
Option 2: 14%
Option 3: 12%
Option 4: 15%
Correct Answer: 14%
Solution :
Given: Monthly Income = INR 12000
Monthly Expenditure = INR 8000
Increase in income = 10%
Increase in expenditure = 8%
Solution: Savings before increase = 12000 – 8000 = INR 4000
Increase in income = 12000 + $\frac{10}{100}$ × 12000 = INR 13200
Increase in expenditure = 8000 + $\frac{8}{100}$ × 8000 = INR 8640
Increase in savings = 13200 – 8640 = INR 4560
Difference in savings = INR 4560 – INR 4000 = INR 560
$\therefore$ Savings in percentage increase = $\frac{560}{4000}$ × 100 = 14%
Hence, the correct answer is 14%.
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