Ashish has two grandsons Ketan and Mahesh. 15 year old Ketan gets some money from Ashish’s wealth and 16 year old Mahesh gets rest of the money. But Ketan and Mahesh will get money only when they turn 23 years old. Till then the money is in a bank getting interest at rate 4% compounded annually. When both turn 23, they receive the same amount. How much had Ashish given Mahesh (in ₹) initially, if total money with Ashish was ₹25500?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e.13000
Let K = amount given to Ketan, M = amount given to Mahesh
Total money: K + M = 25500
Ketan is 15 → 8 years to 23, Mahesh is 16 → 7 years to 23
Both receive same amount at 23:
K × (1 + 4/100)8 = M × (1 + 4/100)7 → M = 1.04 × K
K + M = 25500 → K + 1.04 K = 25500 → 2.04 K = 25500 → K = 12500
M = 1.04 × 12500 = 13000