Ravi invests 50% of his monthly savings in fixed deposits. Thirty percent of the rest of his savings is invested in stocks and the rest goes into Ravi's savings bank account. If the total amount deposited by him in the bank (for savings account and fixed deposits) is Rs 59,500, then Ravi's total mon

Question

Ravi invests 50% of his monthly savings in fixed deposits. Thirty percent of the rest of his savings is invested in stocks and the rest goes into Ravi's savings bank account. If the total amount deposited by him in the bank (for savings account and fixed deposits) is Rs 59,500, then Ravi's total monthly savings (in Rs) is:

Accepted Answer

70000 — Let the total monthly savings be S. Investment in FD = 50% of S = 0.5S âââââââRemaining savings = S - 0.5S = 0.5S Investment in stocks = 30% of 0.5S = 0.15S Total invested amount (FD + stocks) = 0.5S + 0.15S = 0.65S Remaing amount that is invested in savings account = 0.35S. &rArr; 0.35S + 0.5S = 59,500 &rArr; 0.85S = 59500. &rArr; S = 70,000. Hence, 70,000.

CAT 2017 Slot 1 — QA Question 5

Answer & solution