(A) Mr.
John’s present salary is $50000 per year and he gets an annual increment of 4%. He wants to purchase a
house that costs $70000 in the beginning. However its cost increases by 1%
every year. In which year Mr. John will be able to purchase the house if he
saves 20 % of his earning every year?
(B) If he has to purchase the house in the 4th year itself, minimum what % of salary he should save for this purpose?
Create few variations of above questions and discuss them in the comment.
(B) If he has to purchase the house in the 4th year itself, minimum what % of salary he should save for this purpose?
Create few variations of above questions and discuss them in the comment.
A. 8TH YEAR
ReplyDeleteB.75% -80%
a) 7th Year ...saving would be 78982.94 and cost of house will be 74306.41
ReplyDeleteb) around 35% @ pravin Khobragade
ReplyDelete7TH YEAR AND ABOUT 65% SAVING SUBJECT TO CONTINUING IN THE SAME JOB & SALARY
ReplyDeleteHE WILL ABLE TO PURCHASE HOUSE WITHIN 7 YEARS.
ReplyDeleteIF HE WANTS TO PURCHASE HOUSE IN 4 YEAR, HE WILL SAVE BY 34% SALARY EVERY YEAR. NAVIN
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ReplyDeleteThis comment has been removed by the author.
ReplyDeleteA 6 Years 9 Months 18 Days
ReplyDeleteB 28% @rkvishal
(a) 6 year & 5 month.
ReplyDelete(b) 33%
KS SUNOJ
A. 7TH YEAR
ReplyDeleteB.50%
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ReplyDelete1) He will be able to purchase house in 7th year.
ReplyDelete2) Minimum savings @34% per year
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ReplyDeleteThis comment has been removed by the author.
ReplyDelete7th year and 35%
ReplyDeleteA 7 Year
ReplyDeleteB Savings 35% @rkv
a) 7 Year Approx
ReplyDeleteb) 35% Approx