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    Question

    Shan has ₹1612 with him. He divided it amongst his

    sons Piyush and Manoj and asked them to invest it at 8% rate of interest compounded annually. It was seen that Piyush and Manoj got same amount after 12 and 13 years respectively. How much (in ₹) did Shan give to Piyush? 
    A 687 Correct Answer Incorrect Answer
    B 875 Correct Answer Incorrect Answer
    C 837 Correct Answer Incorrect Answer
    D 775 Correct Answer Incorrect Answer

    Solution

    Let amount given to Piyush = P Amount given to Manoj = M Given: P + M = 1612 Rate = 8% p.a. (compounded annually) Piyush gets amount after 12 years Manoj gets amount after 13 years Final amounts are equal: P(1.08)¹² = M(1.08)¹³ Divide both sides by (1.08)¹²: P = 1.08 M Now use total money: 1.08M + M = 1612 2.08M = 1612 M = 775 P = 1.08 × 775 = 837

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