A person wants to distribute a sum of Rs. 504600 between his two sons, who are respectively 15 years and 17 years old at 5% per annum compounded annually in such a way that at the age of 22 years both receives equal amount. Find the share of elder son.
Answer & explanation
Correct answer: option 1
Let the share of younger son is P1 and that of the elder son is P2.
Time for younger son = 7 years
Time for elder son = 5 years
ATQ,
⇒ P1(1 + \(\frac{5}{100}\))⁷ = P2(1+\(\frac{5}{100}\))⁵
⇒ P1(1 + \(\frac{5}{100}\))2 = P2
⇒ P1(1 + \(\frac{21}{20}\))2 = P2
⇒ P1 : P2 = 441 : 400 = 841(P)
Here,
P = P1 + P2 = 841R = 504600
1R = 600
Share of elder son = 400R = 400 × 600 = 240000