A person spends 10% of his income on groceries, 10% on medicines, 20% on children’s education, 15% on house rent, and he saves the remaining amount. If his monthly income is ₹30,000, find his savings.

Correct Answer: ₹13,500

Step-by-step Explanation:

1. Find the total percentage spent on all expenses:

The person's total income represents 100%.

The percentages spent on various expenses are given as follows:

• Groceries = 10%

• Medicines = 10%

• Children's Education = 20%

• House Rent = 15%

Now, calculate the total percentage of income spent:

$\text{Total Expenditure Percentage}=10\%+10\%+20\%+15\%$

$\text{Total Expenditure Percentage}=55\%$

2. Calculate the savings percentage:

The remaining percentage of income saved is equal to the total income percentage minus the total expenditure percentage.

$\text{Savings Percentage}=100\%-55\%$

$\text{Savings Percentage}=45\%$

3. Calculate the actual savings amount in Rupees:

Given that the person's total monthly income is ₹30,000, we find 45% of ₹30,000:

$\text{Savings}=45\%\text{ of }\text{₹}\mathrm{30,000}$

$\text{Savings}=\frac{45}{100}\times \mathrm{30,000}$

$\text{Savings}=45\times 300$

$\text{Savings}=\text{₹}\mathrm{13,500}$

Thus, his monthly savings are ₹13,500.