G6 Family Profile Report Outline

Introduction: I have chosen India to make a budget for. India is a developing country in Asia.
A family I have chosen is the Rani family from Family of Rani. They are Rich, Their
monthly Budget is 6,606$. The amount of money that I have is 15000 Rupees (Gdp per
Capita,Money Converting). My Aim is to create a Budget for a Average family in India to tell
how should they spend their money per month
Paragraph 1: Creating the Budget
My next step was to research the approximate percentages of each budget item using the pie
chart from (Numbeo). I compared this to the families on (Gapminder).
I rounded these percentages to estimate the costs for each budget item so that it is easier to do
the calculations
Table 1 shows the budget for a typical family India(to the left), Figure 1 shows the pie chart.

In order to calculate the budget the budget for Markets, I did this
1. We assume that the number 15000 is 100% - because it's the output value of the task.
2. We assume that x is the value we are looking for.
3. If 15000 is 100%, so we can write it down as 15000=100%.
4. We know, that x is 41.3% of the output value, so we can write it down as x=41.3%.
5. Now we have two simple equations:
1) 15000=100%
2) x=41.3%
where left sides of both of them have the same units, and both right sides have the same units,
so we can do something like that:
15000/x=100%/41.3%
6. Now we just have to solve the simple equation, and we will get the solution we are looking
for.
7. Solution for what is 41.3% of 15000

15000/x=100/41.3
(15000/x)*x=(100/41.3)*x - we multiply both sides of the equation by x
15000=2.4213075060533*x we divide both sides of equation by(2.4213075060533)to get x
15000/2.4213075060533=x
6195=x
x=6195
now we have:
41.3% of 15000=6195

This shows that I know how to find a percentage of a number

When I compared this to the family I found on (Gapminder dollar street), I found out that my
family is above average.

Paragraph 2: Exchanging the Budget to Euros

My next goal was to research the current exchange rate from my currency to euros and
rounded the exchange rate to make an estimate. The exchange rate from INR to EUR is 1 INR
= 0.011862215 EUR and when rounded to the nearest hundreths it is 1 INR = 0.01EUR
(Xe.com). I converted the local currency into Euro so that it is easier to compare, since we
know how much a Euro can buy. I calculated the cost per month in Euro by multiplying the
number with 0.01. For Example, I converted markets like this: 6195* 0.01=61.95
6195 INR=61.95 EUR. My mathematical answers are pretty accurate.
Table 2
Estimated Euro Budget
Budget (Local Actual Euro Budget Using Rounded Exchange
Monthly Expenses Currency) using XE.COM (EUR) Rate (EUR)

Markets 6,195.00 73.48 61.95

Rent 2,805.00 33.28 28.05

Transport 2,521.00 29.91 25.21

Clothing 60.00 0.71 0.60

Restaurants 1,845.00 21.89 18.45

Sports 569.00 6.74 5.69

Utilities 1,005.00 11.92 10.05

Total 15,000.00 180.00 150.00

I wrote all of my budget items as fractions at the rate of a EUR as the fraction will be quicker
to understand. In my budget, on the right side there are normal fractions with the denominator
180 and on the left side there are the simplified fractions. In order to calculate a simplified
fractions, we will take markets as an example.Below is the process done step by step:
First remove 2 decimal places by multiplying both the numerator and denominator by 100
We are multiplying the fraction by 100 in order to move the decimals 2 places to the right.
61.95×100/180×100= 6195/18000
Find the Greatest Common Factor (GCF) of 6195 and 18000, if it exists, and reduce our
fraction by dividing both numerator and denominator by it. GCF = 15, and getting our
simplified answer: 6195÷15/18000÷15=413/1200. Both of these numbers are co prime so this
is a simplified fraction.
Table 3:
Estimated Euro
Budget Using
Budget Actual Euro Rounded Euro Budget Item Euro Budget Item
Monthly (Local Budget using Exchange Rate Unsimplified Simplified Fraction
Expenses Currency) XE.COM (EUR) (EUR) Fraction ( / ) (/)

Markets 6,195.00 73.48 61.95 73.48/180 1837/4500

Rent 2,805.00 33.28 28.05 33.28/180 208/1125

Transport 2,521.00 29.91 25.21 29.91/180 997/6000

Clothing 60.00 2.78 0.60 2.78/180 139/9000

Restaurants 1,845.00 21.89 18.45 21.89/180 2189/18000

Sports 569.00 6.74 5.69 6.74/180 337/9000

Utilities 1,005.00 11.92 10.05 11.92/180 149/2250

Paragraph 4: Equivalence
Table 4:
Estimated
Euro
Actual Euro Budget
Budget Budget Using Euro Budget Euro Budget
(Local using Rounded Item Item
Monthy Currnec XE.COM Exchange Unsimplified Simplified Fraction ->
Expenses y) (EUR) Rate (EUR) Fraction ( / ) Fraction ( / ) Decimal Percentage

Transport 2,521.00 29.91 25.21 29.91/180 997/6000 0.17 16.62 %

Sports 569.00 6.74 5.69 6.74/180 337/9000 0.04 3.74 %

Restaura
0.12 12.16 %
nts 1,845.00 21.89 18.45 21.89/180 2189/18000

Rent 2,805.00 33.28 28.05 33.28/180 208/1125 0.18 18.49 %

Markets 6,195.00 73.48 61.95 73.48/180 1837/4500 0.41 40.83 %

Utilities 1,005.00 11.92 10.05 11.92/180 149/2250 0.06 6.62 %

Clothing 60.00 2.78 0.60 2.78/180 139/9000 0.02 1.54 %

 15,000.0
Total 180.00 150.00 180/180 1.00 0.00
0

Answer: 1837/4500=40.82%=0.40822

Showing the work

We know that

1837/4500 is the same as 1837÷4500. Then using Long Division for 1837 divided by 4500
gives us 0.40822 as a decimal
Converting our number to a percentage:

0.40822×100=40.82%
Rounded to a Max of 2 Decimal Places.

My budget is accurate because I used two reliable sources,(Xe .com) and (Numbeo)
and I have also lived in India for 10 years

In India, markets make a huge part in the budget and there is low spending on sports and
leisure. In Austria it is the opposite as the food costs less and people get paid.
There is no more significant differences.
-
Conclusion
I have made an appropriate budget for a family in India as they can use this document to
improve this budget. The limitation is that the family must earn 15000 INR per month.
I had no problems. There was more than enough information to make an accurate budget.
Next time, I will talk to my indian relatives.
Works Cited:
https://docs.google.com/document/d/1t3q4PDgtceBvsR38DtgrEwjrOsa3YQLrf9gBKfDq9hc/
edit