Shan has ₹1218 with him. He divided it amongst his sons Piyush and Manoj and asked them to invest it at 10% rate of interest compounded annually. It was seen that Piyush and Manoj got same amount after 18 and 19 years respectively. How much (in ₹) did Shan give to Manoj?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 580.
Let amount given to Piyush = P
Let amount given to Manoj = M
Given, P(1.1)18 = M(1.1)19
P = 1.1M
P + M = 1218
1.1M + M = 1218
2.1M = 1218
M = 1218 ÷ 2.1
M = 580