The average income of a real estate agent was 1.5 lakhs per month. To increase the sales of plots next year, he decided to tie up with another real estate company for getting more income by sale of more plots to customers. After this his average income increased to 2.1lakhs per month. What was the percentage increase in his annual income?
- 40%
- 45%
- 42%
- 48%
The Correct Option is A
Solution and Explanation
Calculating the Percentage Increase in Annual Income
Step 1: Define the Initial Annual Income
The initial monthly income is Rs. 1.5 lakhs. The annual income is:
\[ 1.5 \times 12 = 18 \text{ lakhs} \]
Step 2: Define the New Annual Income
The new monthly income is Rs. 2.1 lakhs. The annual income becomes:
\[ 2.1 \times 12 = 25.2 \text{ lakhs} \]
Step 3: Calculate the Percentage Increase
The percentage increase is given by:
\[ \frac{\text{New Income} - \text{Old Income}}{\text{Old Income}} \times 100 \]
Substituting the values:
\[ \frac{25.2 - 18}{18} \times 100 \]
\[ \frac{7.2}{18} \times 100 = 40\% \]
Final Answer:
Thus, the percentage increase is 40% (Option A).
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