Pravin has ₹1612 with him. He divided it amongst his sons, Rishi and Shan, and asked them to invest it at 8% rate of interest compounded annually. It was seen that Rishi and Shan got the same amount after 17 and 18 years, respectively. How much (in ₹) did Pravin give to Rishi?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. 837.
Let Rishi get x, then Shan gets 1612 − x
Amount after 17 years for Rishi = x(1.08)17
Amount after 18 years for Shan = (1612 − x)(1.08)18
x(1.08)17 = (1612 − x)(1.08)18
⇒ x = (1612 − x)(1.08)
⇒ x + 1.08x = 1740.96
⇒ 2.08x = 1740.96
⇒ x = 837