Question

Ravish has a monthly income of Rs. 25000. He plans to save 20% of his income. Of the total monthly income, he spends 20% on food, 15% on travelling, 35% on rent, and the remaining amount on the school fees of his children. Find out the average amount he spends on the school fees of his one child, if he has two children – one boy and one girl.

1. Rs. 1000
2. Rs. 1250
3. Rs. 2000
4. Rs. 1750
5. Rs. 2500

Answer 1

Correct Answer - Option 2 : Rs. 1250

Given:

Total monthly income = Rs. 25000

Percentage savings = 20%

Percentage of total monthly income spent on food = 20%

Percentage of total monthly income spent on travelling = 15%

Percentage of total monthly income spent on rent = 35%

Total number of children = 2

Formula Used:

Total income spent = (Percentage of income spent/100) × total income

Expenditure = Income – Savings

Average amount spent for one child = Total amount spent / Number of children 

Calculation:

Total amount saved by Ravish every month = (20/100) × 25000 = Rs. 5000

Total amount spent on food by Ravish every month = (20/100) × 25000 = Rs. 5000

Total amount spent on travelling by Ravish every month = (15/100) × 25000 = Rs. 3750

Total amount spent on rent by Ravish every month = (35/100) × 25000 = Rs. 8750

Total amount spent on fees = 25000 – (5000 + 5000 + 3750 + 8750) = Rs. 2500

Hence, the average amount he spends on the school fees of his one child is:

2500/2 = 1250

∴ The average amount he spends on the school fees of his one child is Rs. 1250