Question

Suresh a businessman, the average monthly expenditure of his family was Rs. 7230 during the first 4 months, Rs. 6240 during the next 5 months and Rs. 6780 during the last three 3 months in year 2020. If the total saving during the year is Rs. 11880, find the average monthly income of Suresh.
1. Rs. 7659
2. Rs. 7695
3. Rs. 7596
4. Rs. 7569

Answer 1

Correct Answer - Option 2 : Rs. 7695

Given∶

Total saving = Rs. 11,880

Average Expenditure in the first 4 months = Rs. 7230

Average Expenditure in the next 5 months = Rs. 6240

Average Expenditure in the last 3 months = Rs. 6780

Formula Used∶

Average = Sum of observations / Number of observations

Calculation∶

Total expenditure in year 2020 = [(7230 × 4) + (6240 × 5) + (6780 × 3)] = [28,920 + 31,200 + 20,340] = Rs. 80,460

Saving during the year = Rs. 11880

Total income during the year = 80,460 + 11880 = Rs. 92,340

So, Average monthly income = (92,340) / 12 = Rs. 7695

∴ Rs. 7695 is the average monthly income.