Question

Shamrao's income in 2015-16 after paying all taxes is Rs. 6,40,000 . He pays Rs. 2000 per month for insurance and 20% of his annual income into his provident fund. He puts aside Rs. 500 per month for emergencies. How much money does he have for yearly spending ? ​

Answer 1

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(i) Annual income = 6,40,000 rupees

(ii) Insurance premium = 2000 x 12

$\implies$ 24,000 rupees

(iii) Contribution to provident fund = 6,40,000 x 20/100

$\implies$ 1,28,000 rupees

(iv) Amount put aside for emergency = 500 x 12

$\implies$ 6000 rupees

$\implies$ Total planned expenditure = 24,000 + 1,28,000 + 6,000

$\implies$ 1,58,000 rupees

$\implies$ Amount available for yearly expenses = 6,40,000 - 1,58,000 = 4,82,000 rupees

Answer 2

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• Annual income

$\implies\rm Rs. 6,40,000$

• Insurance premium

$\implies\rm 2000×12$

$\implies\rm Rs.24000$

$\implies\rm Rs.12800$

• Contribution to provident fund

$\implies\rm 640000×20/100$

• Amount put aside for emergency

$\implies\rm 500×12$

$\implies\rm Rs.6000$

Therefore Total,

$\implies\rm 24000+128000+6000$

$\implies\rm Rs. 1,58,000$

• Amount available for yearly expenses

$\implies\rm 6,40,000-1,58,000$

$\implies\rm <strong><u>Rs. 4,82,000</u></strong>$