Divide Rs 66,300 between A and B in such a way that the amount A receives after 8 years is equal to the amount that B receives after 10 years, with compounded interest being compounded annually a rate of 10% per annum.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. A = Rs 36,300, B = Rs 30,000
Let the amount given to A be x and B be y.
Thus, x × (1.1)8 = y × (1.1)10
⇒ x/y = 121/100
Rs 66300 has to be divided between A and B in a ratio 121:100
Thus, A gets Rs 36,300 and B gets Rs. 30,000