Manoj invests Rs.57,695, which is 11% of his annual income, in mutual funds. What is his monthly income? (Rounded up to 2 decimal places)
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Rs. 43,708.33.
Let's assume his annual income is 12x.
Money invested by Manoj in mutual fund = 57695
According to the question,
12x × 11/100 = 57695
x = 5769500/132
His monthly income = x = 43708.33