Veer has ₹1632 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 12 and 13 years respectively. How much (in ₹) did Veer give to Nitin?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 832.
P1 × (1 + r/100)12 = P2 × (1 + r/100)13
(1 + r/100) = 104/100 = 26/25
PNitin = PPravin × 26/25
PPravin + PNitin = 1632
PPravin + 26/25 × P_Pravin = 1632
(51/25) × PPravin = 1632
PPravin = 1632 × 25/51 = 32 × 25 = 800
PNitin = 1632 − 800 = 832