Question:
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
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
Updated On: Nov 6, 2024
- 4200
- 4400
- 4300
- 4350
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The Correct Option is B
Solution and Explanation
To meet his yearly savings target, Manu needs to adjust his monthly earnings starting from the tenth month onward. Let's break down the calculation step by step: 1. Manu's target is to save ₹550 per month on average. 2. In the first 9 months, his monthly earnings are ₹4000, and his expenses are ₹3500. So, his actual savings per month in this period are ₹4000 - ₹3500 = ₹500. 3. He falls short of his savings target by ₹550 - ₹500 = ₹50 per month. 4. Over the first 9 months, he falls short by a total of ₹50 * 9 = ₹450. Now, let's consider the next 3 months: 5. Manu's expenses for the next 3 months are ₹3700 per month. 6. To meet his savings target of ₹550 per month, his income for these 3 months should be ₹3700 + ₹550 = ₹4250 per month. 7. Additionally, he needs to cover the ₹450 he was short of in the first 9 months over the next 3 months. 8. The additional amount needed per month to cover the shortfall is ₹450 / 3 = ₹150. Finally, to determine his income for the last 3 months: 9. His required income for the next 3 months is ₹4250 + ₹150 = ₹4400 per month. Therefore, in order to meet his yearly savings target of ₹550 per month, Manu's monthly earnings from the tenth month onward should be ₹4400.
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