Krish has ₹1224 with him. He divided it amongst his sons Veer and Nitin and asked them to invest it at 4% rate of interest compounded annually. It was seen that Veer and Nitin got same amount after 12 and 13 years respectively. How much (in ₹) did Krish give to Nitin?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. 600.
Let Veer get ₹x, so Nitin gets ₹1224 − x.
same amount after 12 and 13 years at 4% compound interest.
So, x × (1.04)12 = (1224 − x) × (1.04)13:
Divide both sides by (1.04)12:
x = (1224 − x) × 1.04
x = 1224 × 1.04 − x × 1.04
x + x × 1.04 = 1224 × 1.04
x(1 + 1.04) = 1273
x × 2.04 = 1273
x = 1273 / 2.04 = ₹624
So, Nitin gets 1224 − 624 = ₹600