Veer has ₹1617 with him. He divided it amongst his sons Nitin and Pravin and asked them to invest it at 10% rate of interest compounded annually. It was seen that Nitin and Pravin got same amount after 16 and 17 years respectively. How much (in ₹) did Veer give to Nitin?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 847 .
Let Nitin get x rupees, Pravin get y rupees
x + y = 1617
Nitin’s time = 16 years, Pravin’s time = 17 years
Both amounts equal after respective years,
x × (1.1)16 = y × (1.1)17
Divide both sides by (1.1)16
x = y × 1.1
y = x ÷ 1.1
Substitute in x + y = 1617
x + (x ÷ 1.1) = 1617
x (1 + 1/1.1) = 1617
x (1 + 0.9091) = 1617
x × 1.9091 = 1617
x = 1617 ÷ 1.9091 = 847