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Question 73

Due to global recession starting in January, Ram’s monthly salary of Rs. 8000 was cut by 10%. The monthly expenses, which were Rs. 6000, increased at the rate of 5% per month. Since which month will he have no savings if the recession lasted for a year ?

Solution

Jan:

Rams's monthly salary in Jan = 0.9 * 8000 = 7200

Expenses = 6000

Feb:

Expenses = 6000*105/100 = 6300

March:

Expenses = 6300*105/100 = 6615

April:

Expenses = 6615*105/100 = 6945.75

May:

Expenses = 6945.75*105/100 > 7200

So, The month starting will be May in which he have no savings if the recession lasted for a year.

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