Pravin has ₹1224 with him. He divided it amongst his sons Rishi and Shan and asked them to invest it at 4% rate of interest compounded annually. It was seen that Rishi and Shan got same amount after 15 and 16 years respectively. How much (in ₹) did Pravin give to Shan?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 600.
Let Rishi get ₹x → invested for 15 years
Shan gets ₹(1224 − x) → invested for 16 years
Rate = 4% compounded annually
Both got same amount, so:
x × (1.04)15 = (1224 − x) × (1.04)16
Cancel (1.04)15 from both sides:
x = (1224 − x) × 1.04
x = 1273.92 − 1.04x
x + 1.04x = 1273.92
2.04x = 1273.92
x = 624
So, Shan got = 1224 − 624 = ₹600