Question

The cost of living index number increased from 280 to 340 during a certain time period and the wage increased from ₹ 13500 to ₹ 14750. Find the real gain or loss of the worker.

Answer 1

When cost of living index number is 280,

then wage = ₹ 13500

∴ Cost of living index number is 340, then wage

\(=\frac{13500 \times 340}{280}\)

\(=\frac{4590000}{280}\)

= ₹ 16392.86

But the wage of a worker becomes ₹ 14750.

So, the loss of the worker = ₹ (16392.86 – 14750) = ₹ 1642.86