Rupesh has two grandsons Mandar and Ketan. 13 year old Mandar gets some money from Rupesh’s wealth and 14 year old Ketan gets rest of the money. But Mandar and Ketan will get money only when they turn 23 years old. Till then the money is in a bank getting interest at rate 5% compounded annually. When both turn 23, they receive the same amount. How much had Rupesh given Ketan (in ₹) initially, if total money with Rupesh was ₹24600?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 12600.
Let K = Ketan's amount
Mandar's amount = K ÷ 1.05
K + K/1.05 = 24600
Multiply by 1.05:
1.05K + K = 24600 × 1.05 = 25830
2.05K = 25830
K = 25830 ÷ 2.05 = 12600