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A person saves 20 percent of his income. If the income of that person increased by 16 percent and he decided to save 25 percent, then find the percent increase in his saving as compared to previous one.
- a)40%
- b)45%
- c)50%
- d)55%
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
A person saves 20 percent of his income. If the income of that person ...
Let initial income = 100 so his saving is rupees = 20.
Now his income is 116 and he save = 116*25/100 = 29
So % increase in saving = (9/20)*100 = 45′
Now his income is 116 and he save = 116*25/100 = 29
So % increase in saving = (9/20)*100 = 45′
Most Upvoted Answer
A person saves 20 percent of his income. If the income of that person ...
Let's assume the person's initial income is $100.
Saving 20% of $100 means the person saves $20.
If the income increases by 16%, the new income would be $100 + 16% of $100 = $100 + $16 = $116.
Now, the person decides to save 25% of the new income.
Saving 25% of $116 means the person saves $29.
The percent increase in savings compared to the previous amount can be calculated as follows:
Increase in savings = New savings - Initial savings = $29 - $20 = $9
Percent increase in savings = (Increase in savings / Initial savings) * 100 = ($9 / $20) * 100 = 45%
Therefore, the percent increase in savings compared to the previous amount is 45%.
Hence, the correct answer is option B) 45%.
Saving 20% of $100 means the person saves $20.
If the income increases by 16%, the new income would be $100 + 16% of $100 = $100 + $16 = $116.
Now, the person decides to save 25% of the new income.
Saving 25% of $116 means the person saves $29.
The percent increase in savings compared to the previous amount can be calculated as follows:
Increase in savings = New savings - Initial savings = $29 - $20 = $9
Percent increase in savings = (Increase in savings / Initial savings) * 100 = ($9 / $20) * 100 = 45%
Therefore, the percent increase in savings compared to the previous amount is 45%.
Hence, the correct answer is option B) 45%.
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