A sum of ₹17000 is left by will by a father to be divided between two sons of 12 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 1
Let the sum alloted to son1 be P₁ and son2 be P₂ = 17000 - P₁
\(\frac{P₁ x 130 }{100}\) = \(\frac{P₂ x 120}{100}\)
P₁ x 13 = (17000 - P₁) x 12
P₁ = 8520
⇒ P₂ = 17000 - 8520 = 8480