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A man spends 70% of his income. His income increases by 10% and his expenditure by 5%. What is the percentage increase in his savings?

1. 21.67%
2. 31.67%
3. 41.67%
4. 51.67%

Correct answer: 21.67%

Solution

If original income is 100, expenditure is 70 and savings are 30. New income becomes 110 and new expenditure becomes 73.5, so new savings are 36.5. The increase is 6.5 on 30, which is \(\frac{6.5}{30}\times 100 = 21.67\%\).

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