Rishi spends \(\$1054.69\) on rent each month and receives a set monthly income. In January, he saved a certain amount,

[Gmat_mission]

Rishi spends \(\$1054.69\) on rent each month and receives a set monthly income. In January, he saved a certain amount, and for each following month, he saved \(\dfrac32\) as much as the previous month, spending all his remaining income. How much had he saved by the end of the year?

(1) In August, if his rent were \(\$54.69\) less and he had saved \(\$8.80\) less, his rent and the amount he saved would have been the same.

(2) Each year, his rent is \(\dfrac{12}5\) of his savings.

Answer: D

Source: Manhattan GMAT

[deloitte247]

Monthly rent fee = $1054.69
Let amount saved in January = j
Amount saved every other month = (3/2 of previous month savings) + previous month savings

Target question => How much had he saved by the end of the year?

Statement 1 =>In August, if his rent were $54.69 less and he had saved $8.80 less, his rent and the amount he saved would have been the same
If rent were => 1054.69 - 54.69 = $1000 then he had saved $8.80 less, rent and amount saved would have been the same
Savings in August => 1000 + 8.80 = $1008.80
Since we know Rishi's savings for August, his savings for other months and the total amount saved can be evaluated. Statement 1 is SUFFICIENT

Statement 2 => Each year, his rent is 12/5 of his savings
Total rent for a year = 1054.69 * 12 = $12656.28
12656.28 = 12/5 of total amount saved
12656.28 * 5/12 = total amount saved
63281.40/12 = total amount saved
Total amount saved = $5273.45
Statement 2 is SUFFICIENT

Since each statement alone is SUFFICIENT,
Answer = D