Rakesh spent 30 percent of his monthly income on food items. Of the remaining amount he spent 60 percent on clothes and bills. Now he save five-seventh of the remaining amount and the he saves 1,20,000 yearly, then find his monthly income?Options40,00060,00070,00050,000
Question
Rakesh spent 30 percent of his monthly income on food items. Of the remaining amount he spent 60 percent on clothes and bills. Now he save five-seventh of the remaining amount and the he saves 1,20,000 yearly, then find his monthly income?Options40,00060,00070,00050,000
Solution
Let's solve this step by step:
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Rakesh saves 1,20,000 yearly, which means he saves 1,20,000/12 = 10,000 monthly.
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This 10,000 is five-seventh of the amount remaining after he has spent on food items, clothes and bills. So, the amount spent on clothes and bills is (7/5)*10,000 = 14,000.
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This 14,000 is 40% of the amount remaining after he has spent on food items, because he spends 60% on clothes and bills. So, the amount remaining after food expenditure is 14,000/(40/100) = 35,000.
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This 35,000 is 70% of his total income, because he spends 30% on food. So, his total monthly income is 35,000/(70/100) = 50,000.
So, Rakesh's monthly income is 50,000.
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