A sum of Rs. 8448 is to be divided between A & B who are respectively 18 & 19 years old in such a way that if their shares be invested at 6.25% p.a. CI, they shall receive equal amounts on attaining the age of 21 years. How much will each receive when 21 years old?
A sum of Rs. 8448 is to be divided between A & B who are respectively 18 & 19 years old in such a way that if their shares be invested at 6.25% p.a. CI, they shall receive equal amounts on attaining the age of 21 years. How much will each receive when 21 years old?
Let us assume that each receives 100 when 21.
100 = P1 (1.0625)3 …. (1)
100 = P2 (1.0625)2 …. (2)
From (1) & (2), P1 : P2 = 16 : 17
Now A's share
B's share = Rs. 4352
Now amount of A & B at 21 =
(4096) .
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