Manu earns ₹4000 per month and wants to save an average of ₹550 per month in a year. In the first nine months, his monthly expense was ₹3500, and he foresees that, tenth month onward, his monthly expense will increase to ₹3700. In order to meet his yearly savings target, his monthly earnings, in rupees, from the tenth month onward should be
Started 11 months ago by Shashank in
Explanatory Answer
On average, Manu targets saving ₹550 per month.
In the first 9 months, Manu earns ₹4000 per month and spends ₹3500.
So, he ends up saving only ₹450 per month. In other words, he misses his target by ₹50 per month.
So he saves ₹50 ×× 9 = ₹450 less than his target.
In the next 3 months of the year, his expenses are ₹3700 per month. To save ₹550 per month in these three months, his income should be ₹3700 + ₹550 = ₹4250 per month.
But also, he should earn some more to compensate for the ₹450 he was short of in the first 9 months. This ₹450 is earned over a span of 3 months. Or he should earn ₹150 extra each month.
So Manu’s income in the last 3 months = ₹4250 + ₹150 = ₹4400
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