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?Options70,00050,00040,00060,000
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?Options70,00050,00040,00060,000
Solution
Let's solve this step by step:
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Rakesh saves 1,20,000 yearly, so his monthly savings would be 1,20,000 / 12 = 10,000.
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This 10,000 is five-seventh of the amount remaining after he has spent on food items and on clothes and bills. So, the amount he has after spending on food and clothes/bills is 10,000 * 7/5 = 14,000.
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This 14,000 is 40% of the amount remaining after he has spent on food, because he spends 60% on clothes and bills. So, the amount he has after spending on food is 14,000 * 100/40 = 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 * 100/70 = 50,000.
So, Rakesh's monthly income is 50,000.
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