Shan has ₹1612 with him. He divided it amongst his sons Piyush and Manoj and asked them to invest it at 8% rate of interest compounded annually. It was seen that Piyush and Manoj got same amount after 12 and 13 years respectively. How much (in ₹) did Shan give to Piyush?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 837.
Let P = amount to Piyush,
then P =
So P = (1612 − P) × 1.08 → 2.08P = 1.08 × 1612 → P = 837