Rameshwar deposited a part of ₹3,28,000 in a bank in the name of his daughter aged 18 years, and the balance in the name of his son aged 19 years in such a way that they both receive equal amount when they become 21 years of age. If the bank gives compound interest add 5% per annum, then how much did he invest in the name of his daughter?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. ₹1,60,000.
Formula used:
CI = P(1 + R/100)2 ------ (1)
Where, P = Principal, R = rate and T = time
Calculations:
Let the amount given to daughter be x then the amount given to son will be (328000 - x)
Time (Daughter) = 3 years
Time (son) = 2 years
Rate = 5%
According to the question,
⇒ x(1 + 5/100)3 = (328000 - x)(1 + 5/100)2
⇒ x(21/20) = (328000 - x)
⇒ 41x = 328000 × 20
⇒ x = 160000