Manoj has ₹1230 with him. He divided it amongst his sons Anand and Anil and asked them to invest it at 5% rate of interest compounded annually. It was seen that Anand and Anil got same amount after 12 and 13 years respectively. How much (in ₹) did Manoj give to Anil?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 600
Let amount given to Anand = A1
Let amount given to Anil = A2
A1× (1 + 5/100)12 = A2 × (1 + 5/100)13
A1 × (1.05)12 = A2 × (1.05)13
A1 = A2 × 1.05
A1 + A2 = 1230
1.05 × A2 + A2 = 1230
2.05 × A2 = 1230
A2 = 1230 ÷ 2.05 = 600