The average monthly expenditure of a family was Rs. 2,500 during the first 4 months, Rs. 2,750 during the next 5 months, and Rs. 3,550 during the last 3 months of the year. If the total saving during the year was Rs. 5,500, what was the average monthly income of the family?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. Rs. 3,325.
For the first 4 months, the expenditure was Rs. 2,500 per month
Expenditure for 4 months = 4 × 2500 = 10000
For the next 5 months, the expenditure was Rs. 2,750 per month
Expenditure for 5 months = 5 × 2750 = 13750
For the last 3 months, the expenditure was Rs. 3,550 per month
Expenditure for 3 months = 3 × 3550 = 10650
Total expenditure for the year = 10000 + 13750 + 10650 = 34400
Let the total income for the year be I
We are given that the total savings for the year is Rs. 5,500, so the total income is the sum of total expenditure and total savings:
Total expenditure + Total savings = 34,400 + 5,500 = 39,900
Now,
The average monthly income = 39900/12 = 3325
Thus, the average monthly income of the family is Rs. 3,325