Mr Brown spends 65% of his monthly income and saves the rest. After being promoted, his salary increases by 40% and his expenses increase by

Question

Mr Brown spends 65% of his monthly income and saves the rest. After being promoted, his salary increases by 40% and his expenses increase by 20%. Find the percentage change in his savings.

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Vân Khánh 5 years 2021-07-19T13:33:58+00:00 1 Answers 37 views 0

Answers ( )

  1. kimchi2
    0
    2021-07-19T13:35:07+00:00
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    Answer:

    There is a percentage increase of 77.1% in savings

    Step-by-step explanation:

    The answer can be determined by assigning a value to the income of Mr Brown.

    Let Mr. Brown’s initial income = 100

    Percentage spent = 65%

    Amount spent = 100 x 0.65 = 65

    Percentage he saves = 100 – 65% = 35%

    Amount he saves = 100 x 0.35 = 35

    Salary after increase = 1.40 x 100 = 140

    Increase in expenses = 1.2 x 65 = 78

    Amount saved after increase in income = 140 – 78 = 62

    Percentage increase = (new amount saved / previous amount saved) – 1

    Percentage increase = (62 / 35) – 1 = 0.771 = 77.1%

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