New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    'R' spends 30% of his monthly income on utilities, 35%

    on household expenses, and 10% of the remaining amount on transportation. He saves the rest in a savings account that gives simple interest at a rate of 12% per annum. Find the amount 'R' will get at the end of the year if his spending on transportation is Rs. 800 per month.
    A Rs.8064 Correct Answer Incorrect Answer
    B Rs.8000 Correct Answer Incorrect Answer
    C Rs.4508 Correct Answer Incorrect Answer
    D Rs.7508 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Let monthly income = Rs. 100z Spending on utilities = 100z × 0.3 = Rs. 30z Spending on household expenses = 100z × 0.35 = Rs. 35z Spending on transportation = (100z – 30z – 35z) × 0.1 = Rs. 3.5z Savings = 100z – 30z – 35z – 3.5z = Rs. 31.5z Now, 3.5z = 800 Or, 31.5z = 7200 Total interest paid by the savings account: = P × r × t = 7200 × 12 × 1/100 = Rs. 864 Amount = 7200 + 864 = Rs. 8064

    Practice Next

    Relevant for Exams: