Veer has ₹1224 with him. He divided it amongst his sons Nitin and Pravin and asked them to invest it at 4% rate of interest compounded annually. It was seen that Nitin and Pravin got same amount after 19 and 20 years respectively. How much (in ₹) did Veer give to Pravin?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 600
Let the amounts given to Nitin = P₁, to Pravin = P₂
A = P × (1 + R/100)ⁿ
So, P₁ × (1 + 4/100)¹⁹ = P₂ × (1 + 4/100)²⁰
P₁ × (26/25)¹⁹ = P₂ × (26/25)²⁰
P₁ = P₂ × (26/25)²⁰ ÷ (26/25)¹⁹ = P₂ × (26/25)
Also, P₁ + P₂ = 1224
P₂ × (26/25) + P₂ = 1224
P₂ × (26/25 + 1) = 1224
P₂ × (51/25) = 1224
P₂ = 24 × 25 = 600
Veer gave ₹600 to Pravin