Aman spends 30% of his income, monthly income, on fuel. 40% in basic needs and 20% of the remaining in education. He saves the rest of them all in a recurring deposit which gives out simple interest at the rate of 15% per annum. Find the amount. Aman will get at the end of year if his spending on education is rupees 1500 per month.
Let monthly income equal to Rupees 100 X. Spending on fuel = 100x* 0.3 = 30x Spending on basic needs = 100x*0.4 = 40x Spending on education = (100x-30x-40x) 0.2 = 6x 6x= 1200 Saving = 24x 24x = 4800 Total interest by recurring scheme. = 4800*(15/100)*(12*13/2)/12 =Rs. 4680 Amount = 4800*12+4680 = Rs.62280
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