Rodney has two grandsons Amit and Gopal. 11 year old Amit gets some money from Rodney’s wealth and 12 year old Gopal gets rest of the money. But Amit and Gopal will get money only when they turn 23 years old. Till then the money is in a bank getting interest at rate 10% compounded annually. When both turn 23, they receive the same amount. How much had Rodney given Gopal (in ₹) initially, if total money with Rodney was ₹23100?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 12100 .
Amit age = 11 years , Gopal age = 12 years
Both receive money at 23 years
Rate = 10% compound annually
Total = 23100
Let, Amit = x , Let Gopal = y
x + y = 23100
Amit's time = 12 years , Gopal's time = 11 years
x(1.1)12 = y(1.1)11
Divide both side by (1.1)11
x(1.1) = y
x + 1.1x = 23100
2.1x = 23100
x = 11000
y = 1.1 × 11000 = 12100