A person saves 6% of his income.two years later his income sharts by 15% but his savings remain the same.find the hike in his expenditure
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Did uSavings = I-old - E-old=.06*I-old
0.94*I-old = E-old
After 2 years,
Savings = I – E
0.06*I-old = 1.15*I-old – E
E = (1.15-0.06)*I-old
E = 1.09*I-old
Hence, E/E-old = (1.09*I-old) / (0.94*I-old)=1.1595
Hence expenditure increased by 15.95%
mean income increased by 15.95% after 2 years? If so, then the answer will be-
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