Sachin has two grandsons Chetan and Vipul. 13 year old Chetan gets some money from Sachin’s wealth and 14 year old Vipul gets rest of the money. But Chetan and Vipul will get money only when they turn 23 years old. Till then the money is in a bank getting interest at rate 8% compounded annually. When both turn 23, they receive the same amount. How much had Sachin given Vipul (in ₹) initially, if total money with Sachin was ₹23400?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 12150.
Chetan's amount: x × 1.0810
Vipul's amount: (23400 - x) × 1.089
⇒x × 1.08 = 23400 - x
⇒2.08x = 23400 → x = 11250
Vipul = 23400 - 11250 = ₹12150