Ashish has ₹1218 with him. He divided it amongst his sons Arun and Mahesh and asked them to invest it at 10% rate of interest compounded annually. It was seen that Arun and Mahesh got same amount after 11 and 12 years respectively. How much (in ₹) did Ashish give to Mahesh?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. 580.
Let Arun’s share = P₁, Mahesh’s share = P₂
A = P × (1 + R/100)ⁿ
Arun after 11 years = Mahesh after 12 years
P₁ × (1.1)11 = P₂ × (1.1)12
P₁ = P₂ × 1.1
Total money: P₁ + P₂ = 1218
P₂ × 1.1 + P₂ = 1218
P₂ = 1218/2.1
= 580
So, Ashish give Rs 580 Mahesh.