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This year Henry will save a certain amount of his income,

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Senior Manager
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Posts: 426
This year Henry will save a certain amount of his income, [#permalink]

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New post 20 Sep 2008, 08:50
This year Henry will save a certain amount of his income, and he will spend the rest. Next year Henry will have no income, but for each dollar that he saves this year, he will have 1 + r dollars available to spend. In terms of r, what fraction of his income should Henry save this year so that next year the amount he was available to spend will be equal to half the amount that he spends this year?

A 1/(r+2)
B.1/(2r+2)
C.1/(3r+2)
D.1/(r+3)
E.1/(2r+3)

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Re: savings [#permalink]

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New post 20 Sep 2008, 09:03
KASSALMD wrote:
Ans is E.


mate can you explain ?
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Re: savings [#permalink]

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New post 20 Sep 2008, 16:23
Nihit wrote:
KASSALMD wrote:
Ans is E.


mate can you explain ?


Income = I

Savings = S

Spent = (I -S)

so that next year the amount he was available to spend will be equal to half the amount that he spends this year

S(1+r) = 1/2 ( I -S)

S + rS + 1/2 S = 1/2 I

S( 1+ r + 1/2) = 1/2 I

S/I = 1/(2r+3)

Which is what we needed.

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If you would like to discuss this question please re-post it in the respective forum. Thank you!

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Re: savings   [#permalink] 20 Sep 2008, 16:23
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This year Henry will save a certain amount of his income,

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