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Mandeep spends 20% of his income on rent, 35% on food and travelling expenses, 15% on the medical care of his grandmother, and the rest is his savings. If Mandeep saves Rs.6000 every month, find his monthly income (in Rs.).
Mandeep spends 20% of his income on rent, 35% on food and travelling expenses, 15% on the medical care of his grandmother, and the rest is his savings. If Mandeep saves Rs.6000 every month, find his monthly income (in Rs.).
Correct Answer – Option 5 : 20000
Given:
Percentage of total monthly income spent on rent = 20%
Percentage of total monthly income spent on food and travelling = 35%
Percentage of total monthly income spent on medical care = 15%
Monthly savings = Rs. 6000
Formula Used:
Total income spent = (Percentage of income spent/100) × total income
Expenditure = Income – Savings
Calculation:
Assume the monthly income = Rs. x
Hence, we obtain:
Monthly expenditure on Rent = (20/100) × x = 0.2x
Monthly expenditure on food and travelling = (35/100) × x = 0.35x
Monthly expenditure on medical care = (15/100) × x = 0.15x
Remaining amount, i.e. savings = x – (0.2x + 0.35x + 0.15x) = 0.3x
6000 = 0.3x
⇒ x = 6000/0.3
⇒ x = 20000
∴ Mandeep’s monthly income is Rs. 20000