Question

Krish has ₹1224 with him. He divided it amongst his sons Veer and Nitin and asked them to invest it at 4% rate of interest compounded annually. It was seen that Veer and Nitin got same amount after 12 and 13 years respectively. How much (in ₹) did Krish give to Nitin?

• A. 624
• B. 600
• C. 450
• D. 724

Answer 1

Answer:

B. 600

Let Veer get ₹V and Nitin get ₹N.

Given:
V + N = 1224
After investment:

• Veer (12 years): $(V(1.04)^{12})$

• Nitin (13 years): $(N(1.04)^{13})$

They are equal:
$V(1.04)^{12} = N(1.04)^{13}$
$V = N(1.04)$
Substitute in total

$N(1.04) + N = 1224$
$N(2.04) = 1224$
$N = \frac{1224}{2.04} = 600$