Manu earns ₹4000 per month and wants to save an average of ₹550 per month in a year. In the first nine months, his monthly expense was ₹3500, and he foresees that, tenth month onward, his monthly expense will increase to ₹3700. In order to meet his yearly savings target, his monthly earnings, in rupees, from the tenth month onward should be
- 4200
- 4400
- 4300
- 4350
The Correct Option is B
Solution and Explanation
To determine Manu's required monthly earnings from the tenth month onward, start by calculating the total savings needed for the year. Manu wants to save an average of ₹550 per month. Therefore, his total savings for the year must be:
Annual Savings:
₹550/month × 12 months = ₹6,600
Next, calculate his savings for the first nine months. His expenses for the first nine months are ₹3,500 per month, from his earnings of ₹4,000 per month. His monthly savings for the first nine months are:
Monthly Savings (First 9 Months):
₹4,000 - ₹3,500 = ₹500
Total savings for the first nine months:
Total Savings (First 9 Months):
₹500/month × 9 months = ₹4,500
Manu's remaining savings to meet his goal are:
Remaining Savings Needed:
₹6,600 - ₹4,500 = ₹2,100
For the next three months (tenth to twelfth month), Manu's expenses increase to ₹3,700 per month. Therefore, his savings per month for these months should be:
Required Savings per Month (Last 3 Months):
₹2,100 / 3 = ₹700
So the required earnings per month (from the tenth month onward) to meet the required savings will be:
Required Monthly Earnings:
(Required Savings per Month + Monthly Expenses) = ₹700 + ₹3,700 = ₹4,400
Therefore, Manu should earn ₹4,400 per month from the tenth month onward to meet his annual savings target.
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