A man saves a certain part of his monthly income so that he scooter purchase a car in 27 months. Find the percent increase in his savings so that he can purchase the same scooter in 24 months only.
Answer & explanation
Correct answer: option 4
Let the cost of car = Rs.216
Now,
To purchase the car in 27 months, savings should be = \(\frac{216}{27}\) = 8 Rs./mnth
To purchase the car in 24 months, savings should be = \(\frac{216}{24}\) = 9 Rs./mnth
Increase in savings = 9 - 8 = 1 Rs./mnth
Saving increase percentage = \(\frac{1}{8}\) × 100% = 12\(\frac{1}{2}\)%