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 19 and 20 years respectively. How much (in ₹) did Mahesh give to Vijay?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 847.
Let Vijay get x and Ajay = 1617 − x
Vijay after 19 years = x × (1.1)19
Ajay after 20 years = (1617 − x) × (1.1)20
⇒ x × (1.1)19 = (1617 − x) × (1.1)20
⇒ x = (1617 − x) × 1.1
⇒ x + 1.1x = 1617 × 1.1
⇒ 2.1x = 1778.7
⇒ x = 1778.7 ÷ 2.1 ≈ 847