A man saves a certain part of his monthly income so that he can purchase a car in 16 months. Find the percent increase in his savings so that he can purchase the same car in 14 months only.
Answer & explanation
Correct answer: option 2
Let the cost of car = Rs.112
Now,
To purchase the car in 16 months, savings should be = \(\frac{112}{16}\) = 7 Rs./mnt
To purchase the car in 14 months, savings should be = \(\frac{112}{14}\) = 8 Rs./mnt
Increase in savings = 8 - 7 = 1 Rs./mnt
Saving increase percentage = \(\frac{1}{7}\) × 100% = 14 \(\frac{2}{7}\)%