Question
Anchal allocates 20% of his monthly salary to
transportation, dedicates 50% to shopping, and invests 20% of the remaining balance in food expenses. The remaining amount is saved in mutual funds, yielding a simple interest at a rate of 10% per annum. Determine the total amount Anchal will possess at the end of the year, given that he spends Rs. 1200 per month on food.Solution
ATQ, Let, monthly Salary = Rs. 100a Spending on Transportation = 100a × 0.2 = Rs. 20a Spending on Shopping = 100a × 0.5 = Rs. 50a Spending on Food = (100a – 20a – 50a) × 0.2 = Rs. 6a Savings in Mutual funds = 100a – 50a – 20a – 6a = Rs. 24x Now, 6a = 1200 Or, 24a = 4800 Total interest paid by recurring scheme = P. r. n (n + 1)/(2 × 12 × 100) = 4800 × 12 × (12 + 1) × 10/(2 × 12 × 100) = Rs. 3120 Amount = 4800 × 12 + 3120 = Rs 60720
The Reserve Bank had announced the constitution of an Expert Committee to make recommendations on the required financial parameters to be factor...
Recently, scientists have discovered over 300 new ‘Nazca Lines’ in which country?
Which festival is celebrated in Andhra Pradesh, known for its rituals dedicated to the goddess Mahakali?
The theme of National Youth Festival observed on 12th January was:
Which notable Indian figure composed the national anthem 'Jana Gana Mana'?
Which personality was not included in the list of Uttarakhand Gaurav Samman 2022?
How much funding does the PM SVANidhi scheme provide to street vendors annually?
Where is the 'Lingaraja temple' situated?
Which deity is the Vittala Temple at Hampi dedicated to?
In which year was the first railway line between Thane and Bombay laid?
Relevant for Exams:
