Vijay has ₹1218 with him. He divided it amongst his sons Ajay and Prakash and asked them to invest it at 10% rate of interest compounded annually. It was seen that Ajay and Prakash got same amount after 14 and 15 years respectively. How much (in ₹) did Vijay give to Prakash?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. 580.
Ajay’s amount = P1 × (1.1)14
Prakash’s amount = P2 × (1.1)15
Both equal ⇒ P1 = 1.1P2
Now P1 + P2 = 1218
⇒ 1.1P2 + P2 = 1218
⇒ 2.1P2 = 1218
⇒ P2 = 580