Veer has Rs. 1617 with him. He divided it amongst his sons Nitin and Pravin and asked them to invest it at 10% rate of interest compounded annually. It was seen that Nitin and Pravin got same amount after 16 and 17 years respectively. How much (in Rs. ) did Veer give to Nitin?
Given:
Total amount = ₹1617
Rate of compound interest = 10% per annum
Nitin’s time = 16 years
Pravin’s time = 17 years
Both received the same amount.
Formula Used:
Solution:
Let Nitin’s investment = P₁ and Pravin’s investment = P₂
P₁ + P₂ = 1617 ...(i)
Since both get the same amount,
P₁ × (1.1)16 = P₂ × (1.1)17
Divide both sides by (1.1)16:
P₁ = P₂ × 1.1
Substitute in (i): 1.1P₂ + P₂ = 1617
2.1P₂ = 1617
P₂ = 1617 ÷ 2.1 = 770
P₁ = 1.1 × 770 = 847
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