Anand has ₹1612 with him. He divided it amongst his sons Anil and Ashok and asked them to invest it at 8% rate of interest compounded annually. It was seen that Anil and Ashok got same amount after 11 and 12 years respectively. How much (in ₹) did Anand give to Anil?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 837 .
Let amount given to Anil = A and to Ashok = B
Rate = 8%
Amount of Anil after 11 years = A × (1.08)11
Amount of Ashok after 12 years = B × (1.08)12
Given both are equal
A × (1.08)11 = B × (1.08)12
A = 1.08B
A + B = 1612
1.08B + B = 1612
2.08B = 1612
B = 1612 ÷ 2.08 = 775
A = 1.08 × 775 = 837