New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    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.
    A 56680 Correct Answer Incorrect Answer
    B 63458 Correct Answer Incorrect Answer
    C 62280 Correct Answer Incorrect Answer
    D 66820 Correct Answer Incorrect Answer
    E 65680 Correct Answer Incorrect Answer

    Solution

    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

    Practice Next