The total monthly salary of Liam is $60,000. He spends y% of his monthly salary on housing rent, 25% of the remaining monthly salary on food and utilities, and half of the remaining monthly salary on stock investments. If Liam saves $18,000 at the end of the month, then the amount spent on stock investments is what percent more than the amount spent on housing rent?
Correct Answer :
50%
Solution :
The correct option is 50%.
Step 1: Understand the given values
Total monthly salary of Liam = $60,000
Savings at the end of the month = $18,000
Step 2: Determine the salary remaining after housing rent
Let be the remaining monthly salary after spending on housing rent.
Liam spends 25% of this remaining salary on food and utilities:
Remaining salary after food and utilities =
Step 3: Calculate stock investments and savings
Liam spends half of the remaining salary on stock investments:
The remaining amount after stock investments represents Liam's monthly savings:
We are given that the total savings equal $18,000. Equating the two expressions:
Solving for :
So, the remaining salary after paying for housing rent is $48,000.
Step 4: Calculate the amounts spent on housing rent and stock investments
Since total monthly salary is $60,000 and the salary remaining after housing rent is $48,000:
The amount spent on stock investments is:
Step 5: Calculate how much percent more stock investment is than housing rent
We compare the stock investment ($18,000) to the housing rent ($12,000):
Therefore, the amount spent on stock investments is 50% more than the amount spent on housing rent.
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