The monthly incomes of two friends Chetan and Vipul, are in the ratio 5 : 7 respectively and each of them saves ₹96000 every month. If the ratio of their monthly expenditure is 1 : 3, find the monthly income of Chetan(in ₹).

Given:

Monthly incomes of Chetan and Vipul are in the ratio 5 : 7

Each of them saves ₹96000 every month

The ratio of their monthly expenditure is 1 : 3

Formula used:

Income = Expenditure + Savings

Calculation:

Let the monthly income of Chetan be 5x and that of Vipul be 7x.

Let the monthly expenditure of Chetan be y and that of Vipul be 3y (since the ratio of their expenditures is 1:3).

For Chetan, Income = Expenditure + Savings

5x = y + 96000

For Vipul, Income = Expenditure + Savings

7x = 3y + 96000

Now, solve the system of equations:

1) 5x = y + 96000

⇒ y = 5x - 96000

2) 7x = 3y + 96000

Substitute y = 5x - 96000 into equation 2:

7x = 3(5x - 96000) + 96000

7x = 15x - 288000 + 96000

7x = 15x - 192000

⇒ 7x - 15x = -192000

⇒ -8x = -192000

⇒ x = 24000

Now, the monthly income of Chetan = 5x = 5 × 24000 = ₹120000

∴ The monthly income of Chetan is ₹120000.