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If a person's expenditure increased by 15% and their savings decreased from 24% to 22.5% of their income, by what percentage did their income increase?

Economics

ScanSolve AI Answer

Answer

12.77%12.77\%

53\sqrt{53}

9.6 metres9.6 \text{ metres}

Step-by-step solution

13 steps
  1. Define original income, savings, and expenditure.

    Let the original income be I1I_1.
    Original savings S1=24%S_1 = 24\% of I1=0.24I1I_1 = 0.24 I_1.
    Original expenditure E1=I1−S1=I1−0.24I1=0.76I1E_1 = I_1 - S_1 = I_1 - 0.24 I_1 = 0.76 I_1.

  2. Define new expenditure and savings in terms of the new income.

    Let the new income be I2I_2.
    The expenditure increased by 15%15\%.
    New expenditure E2=E1×(1+0.15)=0.76I1×1.15=0.874I1E_2 = E_1 \times (1 + 0.15) = 0.76 I_1 \times 1.15 = 0.874 I_1.
    New savings S2=2212%S_2 = 22 \frac{1}{2}\% of I2=0.225I2I_2 = 0.225 I_2.

  3. Set up an equation for the new income.

    The new income is the sum of the new expenditure and new savings:

    I2=E2+S2I_2 = E_2 + S_2

    Substitute the expressions from Step 2:

    I2=0.874I1+0.225I2I_2 = 0.874 I_1 + 0.225 I_2
  4. Solve for I2I_2 in terms of I1I_1.

    Subtract 0.225I20.225 I_2 from both sides:

    I2−0.225I2=0.874I1I_2 - 0.225 I_2 = 0.874 I_1 0.775I2=0.874I10.775 I_2 = 0.874 I_1

    Divide by 0.775:

    I2=0.8740.775I1I_2 = \frac{0.874}{0.775} I_1 I2≈1.12774I1I_2 \approx 1.12774 I_1
  5. Calculate the percentage increase in income.

    Percentage increase =I2−I1I1×100%= \frac{I_2 - I_1}{I_1} \times 100\%

    Percentage increase=(1.12774I1−I1I1)×100%\text{Percentage increase} = \left(\frac{1.12774 I_1 - I_1}{I_1}\right) \times 100\% Percentage increase=(1.12774−1)×100%\text{Percentage increase} = (1.12774 - 1) \times 100\% Percentage increase=0.12774×100%\text{Percentage increase} = 0.12774 \times 100\% Percentage increase≈12.77%\text{Percentage increase} \approx 12.77\%

    The percentage increase of his income is 12.77%\boxed{12.77\%}.

  6. Find the position vector of T, the mid-point of BL.

    The position vectors are OB⃗=(8−4)\vec{OB} = \begin{pmatrix} 8 \\ -4 \end{pmatrix} and OL⃗=(46)\vec{OL} = \begin{pmatrix} 4 \\ 6 \end{pmatrix}.

    OT⃗=12(OB⃗+OL⃗)=12((8−4)+(46))\vec{OT} = \frac{1}{2}(\vec{OB} + \vec{OL}) = \frac{1}{2}\left(\begin{pmatrix} 8 \\ -4 \end{pmatrix} + \begin{pmatrix} 4 \\ 6 \end{pmatrix}\right) OT⃗=12(8+4−4+6)=12(122)=(61)\vec{OT} = \frac{1}{2}\begin{pmatrix} 8+4 \\ -4+6 \end{pmatrix} = \frac{1}{2}\begin{pmatrix} 12 \\ 2 \end{pmatrix} = \begin{pmatrix} 6 \\ 1 \end{pmatrix}
  7. Find the position vector of I, the mid-point of UL.

    The position vectors are OU⃗=(−6−8)\vec{OU} = \begin{pmatrix} -6 \\ -8 \end{pmatrix} and OL⃗=(46)\vec{OL} = \begin{pmatrix} 4 \\ 6 \end{pmatrix}.

    OI⃗=12(OU⃗+OL⃗)=12((−6−8)+(46))\vec{OI} = \frac{1}{2}(\vec{OU} + \vec{OL}) = \frac{1}{2}\left(\begin{pmatrix} -6 \\ -8 \end{pmatrix} + \begin{pmatrix} 4 \\ 6 \end{pmatrix}\right) OI⃗=12(−6+4−8+6)=12(−2−2)=(−1−1)\vec{OI} = \frac{1}{2}\begin{pmatrix} -6+4 \\ -8+6 \end{pmatrix} = \frac{1}{2}\begin{pmatrix} -2 \\ -2 \end{pmatrix} = \begin{pmatrix} -1 \\ -1 \end{pmatrix}
  8. Find the vector TI⃗\vec{TI}.

    TI⃗=OI⃗−OT⃗\vec{TI} = \vec{OI} - \vec{OT} TI⃗=(−1−1)−(61)=(−1−6−1−1)=(−7−2)\vec{TI} = \begin{pmatrix} -1 \\ -1 \end{pmatrix} - \begin{pmatrix} 6 \\ 1 \end{pmatrix} = \begin{pmatrix} -1-6 \\ -1-1 \end{pmatrix} = \begin{pmatrix} -7 \\ -2 \end{pmatrix}
  9. Find the magnitude of TI⃗\vec{TI}.

    The magnitude of a vector (xy)\begin{pmatrix} x \\ y \end{pmatrix} is x2+y2\sqrt{x^2 + y^2}.

    ∣TI⃗∣=(−7)2+(−2)2|\vec{TI}| = \sqrt{(-7)^2 + (-2)^2} ∣TI⃗∣=49+4|\vec{TI}| = \sqrt{49 + 4} ∣TI⃗∣=53|\vec{TI}| = \sqrt{53}

    The magnitude of TI is 53\boxed{\sqrt{53}}.

  10. Understand the problem.

    The man takes an exact number of steps, whether his stride is 60 cm or 64 cm. This means the total width of the road must be a common multiple of 60 cm and 64 cm. To find the least width, we need to find the Least Common Multiple (LCM).

  11. Find the prime factorization of 60 and 64.

    60=2×30=2×2×15=22×3×560 = 2 \times 30 = 2 \times 2 \times 15 = 2^2 \times 3 \times 5 64=2×32=2×2×16=2×2×2×8=2×2×2×2×4=2×2×2×2×2×2=2664 = 2 \times 32 = 2 \times 2 \times 16 = 2 \times 2 \times 2 \times 8 = 2 \times 2 \times 2 \times 2 \times 4 = 2 \times 2 \times 2 \times 2 \times 2 \times 2 = 2^6
  12. Calculate the LCM of 60 and 64.

    To find the LCM, take the highest power of all prime factors present in either number.

    LCM(60,64)=26×31×51\text{LCM}(60, 64) = 2^6 \times 3^1 \times 5^1 LCM(60,64)=64×3×5\text{LCM}(60, 64) = 64 \times 3 \times 5 LCM(60,64)=64×15\text{LCM}(60, 64) = 64 \times 15 LCM(60,64)=960 cm\text{LCM}(60, 64) = 960 \text{ cm}
  13. Convert the width to metres.

    Since 1 metre = 100 cm:

    960 cm=960100 m=9.6 m960 \text{ cm} = \frac{960}{100} \text{ m} = 9.6 \text{ m}

    The least width of the road is 9.6 metres\boxed{9.6 \text{ metres}}.

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