Raj has ₹1612 with him. He divided it amongst his sons Varun and Ashish and asked them to invest it at 8% rate of interest compounded annually. It was seen that Varun and Ashish got same amount after 18 and 19 years respectively. How much (in ₹) did Raj give to Varun?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 837.
Let Varun’s share = P
Ashish’s share = 1612 - P
Given:
P × (1.08)18 = (1612 - P) × (1.08)19
P = (1612 - P) × 1.08
P = 1612 × 1.08 - 1.08 × P
P + 1.08 × P = 1612 × 1.08
2.08 × P = 1740.96
P = 1740.96 ÷ 2.08 = 837