Manoj has ₹1612 with him. He divided it amongst his sons Anand and Anil and asked them to invest it at 8% rate of interest compounded annually. It was seen that Anand and Anil got same amount after 13 and 14 years respectively. How much (in ₹) did Manoj give to Anand?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 837
Let Anand’s share = x and Anil’s share = y
x(1.08)13 = y(1.08)14
⇒ y = x / (1.08)
x + y = 1612
⇒ x + x / (1.08) = 1612
⇒ x [ 1 + 1 / (1.08) ] = 1612
⇒ x [ (1.08 + 1) / 1.08 ] = 1612
⇒ x × (2.08 / 1.08) = 1612
⇒ x = (1612 × 1.08) / 2.08 = 837