Nitin has ₹1617 with him. He divided it amongst his sons Pravin and Rishi and asked them to invest it at 10% rate of interest compounded annually. It was seen that Pravin and Rishi got same amount after 17 and 18 years respectively. How much (in ₹) did Nitin give to Pravin?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. 847.
Pravin’s principal be P₁ and Rishi’s principal be P₂. Rate is 10% per annum compounded annually.
They get equal amount:
P₁ × (1.1)17 = P₂ × (1.1)18 → P₁ = 1.1 × P₂
Total sum P₁ + P₂ = ₹1617
So 1.1 P₂ + P₂ = 1617 → 2.1 P₂ = 1617 → P₂ = ₹770 → P₁ = 1.1 × 770 = ₹847