Question
A person used to earn Rs. 18000 per month and spend Rs.
12000. In the following year, his income grew by 15% and his expenditure rose by 5%. Find the percentage growth in his savings.Solution
ATQ,
Initial savings = 18000 – 12000 = Rs. 6000
New income = 1.15 Ă— 18000 = Rs. 20700
New expenditure = 1.05 Ă— 12000 = Rs. 12600
New savings = 20700 – 12600 = Rs. 8100
Percentage increase = [(8100 – 6000)/6000] × 100 = 35%
Account Receivable Turnover ratio is calculated by
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