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The salary of a person in the base year ...

The salary of a person in the base year is ₹ 4,000 per annum and the current year salary is ₹ 6,000. If the CPI of the current year is 400, then rise his salary to maintain the same standard of living will be

A

₹ 16,000

B

₹ 12,000

C

₹ 10,000

D

₹ 8,000

Text Solution

AI Generated Solution

The correct Answer is:
To solve the problem, we need to determine the rise in salary required to maintain the same standard of living based on the Consumer Price Index (CPI). ### Step-by-step Solution: 1. **Identify the Base Year Salary and Current Year Salary**: - Base Year Salary (BYS) = ₹ 4,000 - Current Year Salary (CYS) = ₹ 6,000 2. **Identify the CPI of the Current Year**: - Current Year CPI = 400 3. **Calculate the Required Salary to Maintain Standard of Living**: - The formula to find the required salary to maintain the same standard of living is: \[ \text{Required Salary} = \left( \frac{\text{CPI of Current Year}}{100} \right) \times \text{Base Year Salary} \] - Plugging in the values: \[ \text{Required Salary} = \left( \frac{400}{100} \right) \times 4000 = 4 \times 4000 = ₹ 16,000 \] 4. **Calculate the Increase in Salary**: - The increase in salary needed is calculated as: \[ \text{Increase in Salary} = \text{Required Salary} - \text{Current Year Salary} \] - Plugging in the values: \[ \text{Increase in Salary} = 16,000 - 6,000 = ₹ 10,000 \] ### Final Answer: The rise in salary required to maintain the same standard of living is **₹ 10,000**.
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