Question : The monthly income of an employee was INR 26,500 and his monthly expenditure was INR 22,000. Next year his income increased by 20% and his expenditure increased by 15%. Find the percentage increase in his savings.
Option 1: $44 \frac{7}{9} \%$
Option 2: $44 \frac{8}{9} \%$
Option 3: $44 \frac{5}{9} \%$
Option 4: $44 \frac{4}{9} \%$
Correct Answer: $44 \frac{4}{9} \%$
Solution : The savings in the initial year = 26500 – 22000 = INR 4,500 Next year his income increased by 20%. New income = $\frac{120}{100}×26500=31800$ His expenditure increased by 15%. New expenditure = $\frac{115}{100}×22000=25300$ New savings = 31800 – 25300 = INR 6,500 The percentage increase in his savings = $\frac{6500-4500}{4500}×100=\frac{2000}{4500}×100=\frac{400}{9}\%=44 \frac{4}{9} \%$ Hence, the correct answer is $44 \frac{4}{9} \%$.
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