Question

Aman’s monthly income is Rs. 32,000. If the income increases every year by 9%, what will be his monthly income after 1 year?

Answer 1

Hint: First of all calculate the increase in the monthly income of Aman after 1 year by calculating the value of 9% of Aman’s present monthly income which is Rs. 32,000. Now, add this obtained value of increase in income with his present income to get his total monthly income after 1 year.

Complete step-by-step solution:
Here we have been provided with the monthly income of Aman with the condition that every year the monthly income increases by 9%. We have been asked to calculate his monthly income after one year.
Now, it is given that there is an increase of 9% in Aman’s monthly income which is Rs. 32,000. So the increase in the monthly income after 1 year will be 9% of his present income, therefore we have,
$\Rightarrow $ Increase in Aman’s monthly income after 1 year = $\dfrac{9}{100}\times 32000$
$\Rightarrow $ Increase in Aman’s monthly income after 1 year = Rs. 2,880
Therefore, the total monthly income after 1 year will be equal to the sum of the increase in the monthly income and his present income, so we get,
$\Rightarrow $ Aman’s monthly income after 1 year = Rs. (32,000 + 2,880)
$\therefore $ Aman’s monthly income after 1 year = Rs. 34,880
Hence, after 1 year Aman’s monthly income will be Rs. 34,880.

Note: Note that you don’t need to calculate the annual income of Aman as it would make the answer length, however we will get the answer by that process also. In that process we will calculate his present annual income by multiplying the present monthly income with 12. Now, we will calculate the increase in the annual income and the total annual income after 1 year by considering the percentage increase equal to 9. Finally, we will divide the obtained result with 12 to get the monthly income after 1 year.