Question
Rajat aims to save an average of Rs. 750 per month over
the course of a year. For the first 8 months, his monthly income was Rs. 3,000, and he spent 80% of it each month. Over the next 4 months, his monthly expenses are projected to rise by Rs. 300. What should be the increase in Rajat's monthly salary for the remaining 4 months to achieve his savings target?Solution
Total amount Rajat wants to save during the year = 750 X 12 = Rs. 9,000 Amount saved by Rajat each month during the first 8 months = 3000 X 0.2 = Rs. 600 So, total amount to be saved during the last 4 months = 9000 - (600 X 8) = Rs. 4,200 So, amount to be saved each month for next 4 months = 4200 ÷ 4 = Rs. 1,050 And new monthly expenditure of Rajat = 3000 X 0.8 + 300 = Rs. 2,700 So, new monthly salary of Rajat should be = 2700 + 1050 = Rs. 3,750 So, required percentage = {(3750 - 3000)/3000} X 100 = 25%
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