Anil has ₹1224 with him. He divided it amongst his sons Ashok and Raj and asked them to invest it at 4% rate of interest compounded annually. It was seen that Ashok and Raj got same amount after 13 and 14 years respectively. How much (in ₹) did Anil give to Raj?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 600.
Let Ashok’s amount = P
Raj’s amount = 1224 – P
Given:
P × (1.04)13 = (1224 – P) × (1.04)14
Divide both sides by (1.04)13:
P = (1224 – P) × 1.04
P = 1224 × 1.04 – 1.04P
P + 1.04P = 1224 × 1.04
2.04P = 1273
P = 1273 / 2.04 ≈ 624.02
Raj’s amount = 1224 – 624.02 = ₹599.98 ≈ ₹600