Varun has ₹1230 with him. He divided it amongst his sons Ashish and Arun and asked them to invest it at 5% rate of interest compounded annually. It was seen that Ashish and Arun got same amount after 11 and 12 years respectively. How much (in ₹) did Varun give to Arun?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 600.
PAshish × (1 + r/100)11 = PArun × (1 + r/100)12
(1 + r/100) = 105/100 = 21/20
PAshish = PArun × 21/20
PArun + PAshish = 1230
PArun + 21/20 × PArun = 1230
(41/20) × PArun = 1230
PArun = 1230 × 20/41 = 30 × 20 = 600