Pramod has two grandsons, Ashish and Ketan. 13-year-old Ashish gets some money from Pramod’s wealth, and 14-year-old Ketan gets the rest of the money. But Ashish and Ketan will get money only when they turn 24 years old. Till then, the money is in a bank getting interest at a rate of 4% compounded annually. When both turn 24, they receive the same amount. How much had Pramod given Ketan (in ₹) initially, if the total money with Pramod was ₹25500?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 13000.
Ashish initial = x, Ketan = 25500 − x
Time: Ashish = 11 years, Ketan = 10 years
⇒ x × (1.04)11 = (25500 − x) × (1.04)10
⇒ x × 1.04 = 25500 − x
⇒ 2.04 × x = 25500 → x = 12500
Ketan’s initial = 25500 − 12500 = 13000