The monthly income of Ramesh in year 2021 was ₹18,600 and his monthly expenditure was ₹12,400. In year 2022 his income increased by 15% and his expenditure increased by 8%. Find the percentage increase in his savings.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 29%.
2021:
Income - Expenditure = Savings
18600 -12400 = 6200
2022:
increase in income = 15% of ₹18600 = ₹2790
increase in Expenditure = 8% of ₹12400 = ₹992
So, Saving increased = 2790 - 992 = ₹1798
% increase in savings = = 29%