A sum of ₹30600 is left by will by a father to be divided between two sons of 11 and 14 years of age, so that when they attain maturity at 18, the amount received by each at 5% simple interest will be the same. Find the sum allotted at present to each son.
Answer & explanation
Correct answer: option 3
Let the sum alloted to son1 be P₁ and son2 be P₂ = 30600- P₁
\(\frac{P₁ x 135 }{100}\) = \(\frac{P₂ x 120}{100}\)
P₁ x 27 = (30600 - P₁) x 24
P₁ = 14,400
⇒ P₂ = 30600- 14400 = 16,200