Raj has ₹1218 with him. He divided it amongst his sons Varun and Ashish and asked them to invest it at 10% rate of interest compounded annually. It was seen that Varun and Ashish got same amount after 13 and 14 years respectively. How much (in ₹) did Raj give to Ashish?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 580 .
Amount = P × (1 + R/100)n
For Varun → V × (1 + 10/100)13 , for Ashish → A × (1 + 10/100)14
V × (1.1)13 = A × (1.1)14 (Given both amounts are equal)
V = A × (1.1) = 11A ÷ 10
V + A = 1218
11A ÷ 10 + A = 1218
21A ÷ 10 = 1218
A = 1218 × 10 ÷ 21 = 12180 ÷ 21 = 580