Question

Vijay has INR 1224 with him. He divided it amongst his sons Ajay and Prakash and asked them to invest it at 4% rate of interest compounded annually. It was seen that Ajay and Prakash got same amount after 18 and 19 years respectively. How much (in INR) did Vijay give to Prakash ?

• A. 450
• B. 724
• C. 624
• D. 600

Answer 1

Answer:

D. 600

Let the amount given to Prakash be ₹(x).

Since both get the same final amount:

$\text{Ajay’s amount} \times (1.04)^{18}$

$\text{Prakash’s amount} \times (1.04)^{19}$

So,
$\text{Ajay’s amount} = 1.04 \times x$

Total money:
$1.04x + x = 1224$
$2.04x = 1224$
$x = \frac{1224}{2.04} = 600$

Vijay gave ₹600 to Prakash