A man saves a certain part of his monthly income so that he can purchase a bike in 2 years. Find the percentage increase in his saving so that he can purchase that bike in 14 months only.
Question
A man saves a certain part of his monthly income so that he can purchase a bike in 2 years. Find the percentage increase in his saving so that he can purchase that bike in 14 months only.
Solution
Sure, here's how you can solve this problem:
-
Let's assume the man's monthly income is $100 (you can choose any amount, it won't affect the percentage increase).
-
If he saves for 2 years (24 months) to buy the bike, the cost of the bike is $2400 (100*24).
-
If he wants to buy the bike in 14 months instead, he needs to save more each month.
-
To find out how much he needs to save each month, divide the total cost of the bike by 14 months. So, 171.43 approximately.
-
To find the percentage increase in his savings, subtract his original monthly savings (171.43), divide by his original monthly savings and multiply by 100.
So, (100) / $100 * 100 = 71.43%.
Therefore, the man needs to increase his savings by approximately 71.43% to buy the bike in 14 months instead of 2 years.
Similar Questions
A person spends 60% of his income. If his income increases by 15% and expenditure increases by 5%, then find percentage change on his savings?
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?
A person can save 25% of his income. If his income increases by 20% and still he saves the same amount as before, the percentage increase in his expenditure is?Options26 2/𝟑%25%25 1/𝟑%24%
A musician wants to buy sound equipment. He has saved $750. He plans to add $130 to this amount every month for the next 12 months and not spend any of the money he saves until he can afford the equipment.Which percentage is closest to the percent increase from the original amount of money he has saved to the amount he will have at the end of 12 months? {silence}Option A.{silence}480% {silence}Option Be.{silence}32% {silence}Option C.{silence}208% {silence}Option D.{silence}68%
Maria is saving money to buy a bike. She has $60 and is going to save an additional $5 each week. The bike costs $125. In how many weeks will she have enough money to buy the bike?(a) Write an equation that could be used to answer the question above. First, choose the appropriate form. Then, fill in the blanks with the numbers 60, 5, and 125. Let w represent the number of weeks.=+w=−w(b) Solve the equation in part (a) to find the number of weeks.=w
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.