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Mr. Ashok spends 50% of his income. If his income is increased by 40% and expenditure increased by 20%, what is percentage increase in his savings?
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Mr. Ashok spends 50% of his income. If his income is increased by 40% ...
Problem:


Mr. Ashok spends 50% of his income. If his income is increased by 40% and expenditure increased by 20%, what is the percentage increase in his savings?


Solution:


Step 1: Understand the problem


The problem statement mentions that Mr. Ashok spends 50% of his income. This means that he saves the remaining 50% of his income. We need to find the percentage increase in his savings when his income is increased by 40% and expenditure is increased by 20%.


Step 2: Find Mr. Ashok's income and expenditure


Let us assume that Mr. Ashok's income is 'x'. As per the problem statement, he spends 50% of his income, which means his expenditure is also 50% of his income.



  • Income = x

  • Expenditure = 50% of x = 0.5x

  • Savings = Income - Expenditure = x - 0.5x = 0.5x



Step 3: Find Mr. Ashok's new income and expenditure


As per the problem statement, Mr. Ashok's income is increased by 40%. This means his new income is 1.4x. Similarly, his expenditure is increased by 20%. This means his new expenditure is 1.2 times his old expenditure i.e., 1.2(0.5x) = 0.6x



  • New Income = 1.4x

  • New Expenditure = 0.6x

  • New Savings = New Income - New Expenditure = 1.4x - 0.6x = 0.8x



Step 4: Find the percentage increase in savings


To find the percentage increase in savings, we need to calculate the difference between old and new savings and express it as a percentage of old savings.



  • Old Savings = 0.5x

  • New Savings = 0.8x

  • Difference = New Savings - Old Savings = 0.8x - 0.5x = 0.3x

  • Percentage Increase = (Difference / Old Savings) x 100

  • Percentage Increase = (0.3x / 0.5x) x 100 = 60%



Step 5: Interpret the result


The percentage increase in Mr. Ashok's savings is 60%. This means that his savings have increased by 60% of his old savings.
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Mr. Ashok spends 50% of his income. If his income is increased by 40% ...
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Mr. Ashok spends 50% of his income. If his income is increased by 40% and expenditure increased by 20%, what is percentage increase in his savings?
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