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7 The monthly incomes of a family from salary and other sources are N80 000 and N40 000, respectively. The family plans a budget to spend 10% of their total income on savings, 5% on school fees, 2% on rent, N1 200 on electricity, 40% on food and 10% on transport: a) Find the total expenses of the family at the end of the month. b) What percentage of the monthly income of the family is likely to be spent on emergencies?​

Répondre :

a) To find the total expenses of the family:
- Savings: 10% of (N80,000 + N40,000) = 10% of N120,000 = N12,000
- School fees: 5% of N120,000 = N6,000
- Rent: 2% of N120,000 = N2,400
- Electricity: N1,200
- Food: 40% of N120,000 = N48,000
- Transport: 10% of N120,000 = N12,000

Total expenses = N12,000 + N6,000 + N2,400 + N1,200 + N48,000 + N12,000 = N81,600

b) To find the percentage spent on emergencies:
Total income = N80,000 + N40,000 = N120,000
Emergency expenses = Total income - Total expenses = N120,000 - N81,600 = N38,400

Percentage spent on emergencies = (N38,400 / N120,000) * 100 ≈ 32%

Therefore, about 32% of the monthly income of the family is likely to be spent on emergencies.