Question
Download Solution PDFRavi initially used to save 20% of his monthly income. Recently his monthly income was raised by 25%. His nominal savings also went up by 5%. What percentage of his present nominal income does Ravi currently save?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFCalculation:
Let's assume that Ravi's income = 100 unit,
He saves 20%, so his savings = 20 unit
Now, his income increases 25%, so new income = 125
New savings = 20 × 105/100 = 21
So, the required percentage = 21/125 × 100 = 16.8%
∴ The correct answer is 16.8%
Last updated on Jul 19, 2025
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