Ravi invests 50% of his monthly savings in fixed deposits. Thirty percent of the rest of his savings is invested in stocks and the rest goes into Ravi's savings bank account. If the total amount deposited by him in the bank (for savings account and fixed deposits) is Rs 59500, then Ravi's total monthly savings (in Rs) is
- 80000
- 70000
- 40000
- 60000
The Correct Option is B
Solution and Explanation
Let Ravi's total monthly savings be Rs \( x \). He invests 50% of his monthly savings in fixed deposits, which is \( 0.5x \).
The remaining savings are \( x - 0.5x = 0.5x \).
Ravi invests 30% of the remaining savings in stocks, which is \( 0.3 \times 0.5x = 0.15x \).
The rest of the savings go into his savings bank account, which is \( 0.5x - 0.15x = 0.35x \).
The total amount deposited by him in the bank is the sum of the fixed deposits and the savings bank account:
\( 0.5x + 0.35x = 0.85x \).
It is given that this total is Rs 59500, so:
\( 0.85x = 59500 \).
To find \( x \), we solve:
\( x = \frac{59500}{0.85} \).
Calculating this gives:
\( x = 70000 \).
Therefore, Ravi's total monthly savings is Rs 70000.
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