Mahesh has ₹1617 with him. He divided it amongst his sons Vijay and Ajay and asked them to invest it at 10% rate of interest compounded annually. It was seen that Vijay and Ajay got same amount after 13 and 14 years respectively. How much (in ₹) did Mahesh give to Vijay?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. 847.
Let amount given to Vijay = x
Amount given to Ajay = 1617 - x
Both invested at 10% compound interest and got the same amount after 13 and 14 years:
⇒ x × (1.10)13 = (1617 - x) × (1.10)14
⇒ x = (1617 - x) × 1.10
⇒ x = 1617 × 1.10 - 1.10x
⇒ x + 1.10x = 1778.7
⇒ 2.10x = 1778.7
⇒ x = 1778.7 ÷ 2.10 = 847