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CAT 2017 Slot 1 — QA Question 5

PercentageEasy

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:

Answer & solution

Correct answer: 70000

Answer: 70000

Solution

Easy

Let savings be SS and split it step by step. The "bank total" is what goes into the fixed deposit plus the savings account — everything except the stocks portion. Set that equal to 59,50059{,}500.

1

Fixed deposit and the remainder. Half goes to the FD.

FD=0.5S⇒ rest=S−0.5S=0.5S\begin{aligned} &\text{FD} = 0.5S\\ &\Rightarrow\ \text{rest} = S - 0.5S = 0.5S \end{aligned}
2

Stocks and the savings account. Stocks take 30%30\% of the remainder; the balance is the savings account.

stocks=0.30×0.5S=0.15S⇒ savings a/c=0.5S−0.15S=0.35S\begin{aligned} &\text{stocks} = 0.30\times 0.5S = 0.15S\\ &\Rightarrow\ \text{savings a/c} = 0.5S - 0.15S = 0.35S \end{aligned}
3

Bank total = FD + savings account. Solve for SS.

0.5S+0.35S=59,500⇒ 0.85S=59,500(from steps 1 and 2)⇒ S=59,5000.85=70,000\begin{aligned} &0.5S + 0.35S = 59{,}500\\ &\Rightarrow\ 0.85S = 59{,}500 \quad\text{(from steps 1 and 2)}\\ &\Rightarrow\ S = \frac{59{,}500}{0.85} = 70{,}000 \end{aligned}
Rs 70,000\text{Rs }70{,}000

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CAT 2017 Slot 1 QA Q5: Ravi invests 50% of his monthly savings in fixed deposits. Thirty percent of the rest of his savings is invest — Solution | TheCATExam