📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    A man wants to invest Rs 40,440 in bank account of his

    two sons whose age were 12 years and 16 years in such a way that they will get equal amount at age of 120 years @ 33 1/3% per annum compounded annually. Find the share of younger son?
    A Rs.30,720 Correct Answer Incorrect Answer
    B Rs.9,720 Correct Answer Incorrect Answer
    C Rs.10,110 Correct Answer Incorrect Answer
    D Rs.9,270 Correct Answer Incorrect Answer

    Solution

    A = P+ (1+ r/100)^n  Let the principal for younger son be Rs x Principal for elder son be Rs y Interest to be calculated for  Younger son = (120 – 12) = 108 years Elder son = (120 – 16) = 104 years Since, amount will be equally distributed then, ⇒x  (1+ 100/300)^108 = y (1+ 100/300)^104 ⇒ x  (4/3)^108 = y (4/3)^104  〖⇒(4/3)〗^(108 - 104)   =   y/x   ⇒  y/x = 256/81  ∴ Younger son’s share = 81/337  ×40,440 = Rs 9,720 

    Practice Next
    More Compound Interest Questions

    Relevant for Exams:

    ask-question