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.Solution
Let monthly income equal to Rupees 100 X. Spending on fuel = 100x* 0.3 = 30xĀ Spending on basic needsĀ = 100x*0.4 = 40x Spending on education = (100x-30x-40x) 0.2 = 6x 6x= 1200 Saving = 24x 24x = 4800Ā Total interest by recurring scheme. = 4800*(15/100)*(12*13/2)/12Ā =Rs. 4680 Amount = 4800*12+4680 = Rs.62280
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