Ashish has ₹1617 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 14 and 15 years respectively. How much (in ₹) did Ashish give to Arun?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. 847.
Let Arun get A, so Mahesh gets (1617 - A)
At 10% compound interest:
Arun’s amount after 14 years = A × (1.1)14
Mahesh’s amount after 15 years = (1617 - A) × (1.1)15
both amounts are equal = A × (1.1)14 = (1617 - A) × (1.1)15
⇒A = (1617 - A) × 1.1
⇒A = 1778.7 - 1.1A
⇒2.1A = 1778.7
⇒A = 847